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Category Archives: Deductible Expenses
Itemized or Standard Deduction?
The IRS statistics show that most taxpayers use the standard deduction. However, you may be able to reduce your tax bill if you itemize on Schedule A. What expenses are deductible on Schedule A? I think most people are familiar … Continue reading
Posted in Deductible Expenses, Uncategorized
Tagged filing status, IRS, itemized deductions, standard deduction
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2016 Automobile Mileage Rates
The IRS released the 2016 standard mileage rates for business, medical and moving in December. The rates have decreased from 2015, probably due to the decrease in the cost of gasoline. Effective January 1, 2016, the standard mileage rates for … Continue reading
Tax Deductible Expenses
I’m often asked if a particular expense is tax deductible. Everyone is looking for a deduction! In general, only expenses incurred in a trade or business (IRC §162) or those incurred in the production of income (IRC §212), will be … Continue reading
Posted in Deductible Expenses, Uncategorized
Tagged deductible business expenses, IRS, necessary expense, ordinary, reasonable
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Section 179 Expensing Election in 2014
This time of year, smart business owners begin their year-end tax planning. During the last ten years, Congress has allowed a large Section 179 election for businesses. Under the provisions of Section 179, qualifying property placed in service during the … Continue reading
Per Diem Rates for Fiscal Year 2015
The IRS has released the per diem rates taxpayers can use to reimburse employees for expenses incurred during travel after September 30, 2014. The low-cost area per diem increases from $170 to $172 and the high-cost area per diem increases … Continue reading
Posted in Deductible Expenses
Tagged 2015 per diem, GSA, incidental expenses, IRS, lodging expense, meals expense, self-employed taxpayers
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Lisa the Tax Lady 