The Tax Professionals Blog
Home Office, Bonus Depreciation & Sec 179 Consi...
Where a taxpayer’s Schedule C is negative or close to negative, there are issues that should be considered when claiming the home office, the Sec 179 expense, and the 50%...
Read MoreHome Sale Exclusion – Unforeseen Circumstances
A reduced exclusion applies to any sale or exchange if a taxpayer doesn’t meet the ownership, use or once-every-two-years requirements due to a change in the place of employment, health...
Read MoreTiming the Moving Deduction
Taxpayers who move because of a change of work location may deduct certain related expenses. The moving expense deduction is available for both employees and self-employed individuals if specific conditions...
Read MoreStandard Mileage Rate for Motorcycles & Leased ...
Two questions frequently raised are: is the standard mileage rate allowed for motorcycles? Can the standard mileage rate be used for leased vehicles?
Read MoreGambling Winnings May Impact Health Insurance C...
Gambling winnings, even if there’s a net loss for the year, and game show winnings can increase the cost of health insurance premiums for low-income individuals or families who obtain...
Read MoreDeducting IRA Losses
A question that frequently arises is “can IRA losses be deducted?” The answer to that question is yes, but only under certain very limited circumstances.
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