Health Insurance Tax Deduction

Health Insurance Tax Deduction
(NOTE: This is a continuation of a case study looking into tax implications of starting up a small business. This particular article deals with tax deductions for small business. Click here to go back to the start of the case study.) Figuring out all the Health Insurance laws right now is trickier than a snake riding a unicycle. ...

Beware the Tax Refund Mistake In Your Favor

Beware the Tax Refund Mistake In Your Favor
Some things are too good to be true. Unicorns. Godzilla. Going the speed limit during rush hour. And tax refund mistakes in your favor. If, by chance, you do see any of these, that red flag in the back of your head better be waving faster than a cheerleader’s fingers after drinking a case of Mountain Dew. ...

Possible Changes to Education Expense Tax Credit

Possible Changes to Education Expense Tax Credit
As of right now, the tax treatment of education expenses is a bit of a mess. We currently have two education expense tax credits, the Hope Scholarship Credit and the Lifetime Learning Credit. Add in the recently expired American Opportunity Credit and the expired deduction for qualified tuition expenses, and it’s just a mess how ...

Deduction of Club Dues

Deduction of Club Dues
(NOTE: This is a continuation of a case study looking into tax implications of starting up a small business. This particular article deals with tax deductions for small business. Click here to go back to the start of the case study.) In a tax code that is rife with carve out and exceptions, club dues are one of ...

Deductible Travel Expenses

Deductible Travel Expenses
(NOTE: This is a continuation of a case study looking into tax implications of starting up a small business. This particular article deals with tax deductions for small business. Click here to go back to the start of the case study.) Amy, in pursuit of selling more nail wraps, decided to attend a conference in Dallas to help ...

Taxation of Self Employment Retirement Plans

Taxation of Self Employment Retirement Plans
(NOTE: This is a continuation of a case study looking into tax implications of starting up a small business. This particular article deals with tax deductions for small business. Click here to go back to the start of the case study.) Before I begin, I want to note that I am a tax professional, not a retirement specialist. ...

Business Gifts Deduction

Business Gifts Deduction
(NOTE: This is a continuation of a case study looking into tax implications of starting up a small business. This particular article deals with tax deductions for small business. Click here to go back to the start of the case study.) After the school year had wrapped up and Amy’s nail wrap business started taking off, she sent ...

Meals and Entertainment Deduction

Meals and Entertainment Deduction
(NOTE: This is a continuation of a case study looking into tax implications of starting up a small business. This particular article deals with tax deductions for small business. Click here to go back to the start of the case study.) While running around town selling her nail wraps, Amy runs into a salon owner who is interested ...

Home Office Expense Deduction

Home Office Expense Deduction
(NOTE: This is a continuation of a case study looking into tax implications of starting up a small business. This particular article deals with tax deductions for small business. Click here to go back to the start of the case study.) With her nail business ramping up, Amy cleans out a spare bedroom in her house and turns it into ...

Deducting Vehicle Expenses

Deducting Vehicle Expenses
(NOTE: This is a continuation of a case study looking into tax implications of starting up a small business. This particular article deals with tax deductions for small business. Click here to go back to the start of the case study.) As part of Amy’s burgeoning nail wrap business, Amy has to drive all over the metro area to attend various ...