Tax Tip of the Week: Can I Deduct Interest I Paid on My Boyfriend’s House?

by | Jul 24, 2011 | Accounting & Bookkeeping, Current Affairs, Income Taxes, Tax Tip of The Week

A tax court ruled (Wheeler, TC Summ. OP. 2011-83) that a taxpayer could not deduct mortgage interest on payments she made on her boy friend’s house that she also lived in. The facts presented during the trial also showed that she paid the entire mortgage at one point,...

Tax Tip Of The Week: Tax Court Rules Cost Of Caregiver Qualifies As A Medical Expense

by | Jul 15, 2011 | Accounting & Bookkeeping, Current Affairs, Income Taxes, Tax Tip of The Week

The case involved a mother who was diagnosed with dementia. Her doctor certified that she needed continuous care to ensure that she took all her medicine. Her son hired caregivers to assist her. The tax court ruled (Est of Baral, 137 TC No.1) that these payments were...

Tax Tip of the Week – Standard Mileage Allowance Increases

by | Jul 2, 2011 | Accounting & Bookkeeping, Books, Business Profit & Cash Flow Tips, Current Affairs, Income Taxes, Small Business Owners

Due to the gas price increase this year, the IRS drives up the standard mileage rates for the last six months of 2011. The following are the revised rates effective 07/01/11: Business vehicle usage – 55.5 cents per mile, an increase of 4.5 cents per mile. Medical...

Tax Tip of the Week – Determining Deductible Business Expenses

by | Jun 17, 2011 | Accounting & Bookkeeping, Business Profit & Cash Flow Tips, Business Success Series, Cash Flow, Cost Cutting, Current Affairs, Income Taxes, Small Business Owners, Small Business Success Series, Surviving an IRS Audit Series, Tax Tip of The Week

Every business owner has tons of business expenses that they “need” in order to run their business. And, every business owner believes that everything they spend should be deducted on their tax return. But, the tax code makes reporting these expenses to the IRS...

Tax Tip of the Week: When Can a Married Couple File as if They Were Not Married?

by | May 21, 2011 | Income Taxes, Tax Tip of The Week

“My spouse and I are getting a divorce, do I have file a joint return?” is a question I often get from taxpayers that are separated from their spouse but not yet divorced. The answer is, like most tax questions, maybe. A married person can file as if they were not...

Jump-Start Profit Tip of the Week: The Federal Deficit is Increasing by $237,823 per minute! What does that mean to the small business Owner?

by | May 20, 2011 | Books, Business Profit & Cash Flow Tips, Cash Flow, Cost Cutting, Current Affairs, Income Taxes, Small Business Owners

That is not a misprint! In the minute it will take you to read this article (better read fast) the federal government will spend $237,823 more than the taxes it takes in. You can easily verify this information on the internet and you will see that the federal deficit...