and all the BS fit to read!

When Are Breast Implants Tax Deductible? Wigs? Music Education? Answers may Surprise

When Are Breast Implants Tax Deductible? Wigs? Music Education? Answers may Surprise

Feb 19, 2011

How well are YOU taking care of your (tax) body? Tell me whether these are Y-Deductible; N-Not Deductible; USC –Under Specific Circumstances The one you ALL ask me about — Cost of hotel room for sex therapy? Navajo healing ceremonies (a/k/a “sings”) Jewish healing ceremonies (a/k/a “zings”) Clarinet lessons Flute lessons Wigs Teeth whitening to reverse age-related discoloration Marijuana, prescribed by a physician in a state where it is legal. Air Conditioner Prospective kidney donor expenses Breast implants Liposuction Please note that legitimate and unreimbursed medical expenses are only deductible if you itemize deductions and only to the extent that they exceed 7.5% of your adjusted gross income. See your tax adviser or physician for further details. Answer directly with Richard through email or use the comment section if you dare be publicly embarrassed.  The correct answers will be published shortly. Richard Streitfeld, CPA, CFE www.peaceloveandbusinessplanning.com “Prosperity for the rest of us” 401.223.0205 x118 fax 401.223.0209 www.alscpa.com “Sorrows are the rags of old clothes and jackets that serve to cover, then are taken off. That undressing, and the naked body underneath, is the sweetness that comes after grief.”...

Tax Advantages Of A Home Based Business

Tax Advantages Of A Home Based Business

Feb 11, 2011

Operating a home based business has a number of income tax advantages that entrepreneurs may be unaware of, and consequently miss out on. So rather than guess and risk paying too much in taxes, or worse, enduring an IRS audit for being too sticky fingered, I made a list of the most common tax questions and sought out the advice of a tax professional, the eminent Richard Streitfeld, a Certified Public Accountant and Certified Fraud Examiner and a partner in the accounting firm of Aaronson, Lavoie, Streitfeld and Diaz & Co., PC. Our candid Q & A discussion on how to prepare for and safely, legally take advantage of the most common home business income tax deductions is presented here for your benefit. Q: How should I calculate the percentage or ratio of the area of my home, apartment and home business expenses that I can legally deduct and use as a tax deduction and write off? A: Use a tape measure… Literally! Measure the square footage of the interior of your home or apartment and then calculate the space of your home office in square footage, and you’ll determine the percentage of your entire home or apartment that it represents. Example: Divide the little number by the big number. For example: 108 sq. ft. office (9x12ft. room) / 400 sq. ft. home equals .27 or 27%. That 27 % is the number your accountant will need. Q: My business is Incorporated (S Corp., C Corp.). Does that matter? A: Yes, it does. You can’t do a tax write-off for a “home-office”, per se, but you may benefit from charging your “home based business” “rent” in your home. This will be income to you personally. Check with your accountant for more details. Q: Can I declare a portion (using the percentage calculated from your measurements) of my home mortgage interest, my property taxes or my rent as a home business tax deduction? A: Yes, you can. Whether or not you’re self-employed, property taxes and mortgage interest are always deductible on Schedule A of your tax return if you itemize deductions. However, if you are a self-employed “sole proprietor” (DBA or LLC, the most common),...

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