The bottom line with it is, you can’t deduct the value of your donated time.
If a cash-basis business uses a credit card for business expenses, are those purchases deductible right away, or later on when the credit card debt is paid?
Some people mistakenly believe that having a side business means everything in their life becomes tax deductible.
It’s the heat of tax season, plus Jason is working on finishing a manuscript for an upcoming continuing education seminar he is presenting at. Rather than make you wait for new posts, Jason has dug into the archives to pull out some of his personal favorites from days gone by. From not so deep in […]
A real estate broker’s attempt at deducting the cost of flight lessons as a business expense crashed and burned in Tax Court on Tuesday. The broker, from Louisiana, evaluates properties and creates sales materials to present to potential buyers. Part of his evaluation process involves taking aerial pictures of the property. Up through 2007, he […]