IRS Issues New Business Expense Rules;Regulations Tougher On SubstantiationJim Luther
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If member dues are used for political campaign activities, then a portion of the dues may not be a deductible business expense under Section 162. Section 501(c)(6) Organizations Business leagues described in Section 501(c)(6) are subject to the same less-stringent rules regarding political ...
we also do bookkeeping, accounting, and consulting for our small business owners — so we’ve also encouraged them to have us do aquarter-by-quartercalculation of how much to pay.
Self-Employment Tax:If you are self-employed or operate a small business, you are responsible for paying the self-employment tax. This tax covers Social Security and Medicare taxes for self-employed individuals. Additional Medicare Tax:The Additional Medicare Tax is an extra tax that applies to ...
Your business is not accurately described by the Merchant Category Code (MCC). The total number of payment card and third-party network transactions is inaccurate. The Form 1099-K does not belong to you or is a duplicate of another Form 1099-K. ...
When you prepare the Schedule A, you do not have to complete every line or include expenses in each category; just those that you are eligible to claim. Although many taxpayers have deductions for each category, having just one deductible expense may be sufficient to justify itemizing. For exa...
16 See, e.g., Chris Taylor, Google Moves into Virtual Worlds, by Combining Satellite Maps and 3-D Software, Google Earth Is Turning into a Virtual Online Playground, CNNMoney.com, at http://money.cnn.com/2006/05/11/technology/business2_futureboy_0511/ (Dec. 14, 2006); Tom Smith, ...
that may not warrant a full deduction. Finding an accountant or tax preparer with experience in your specific industry makes it far easier to determine what constitutes a legitimate business expense and what may be a reach. "Make sure you have a game plan, as you should with all of your ...
Is local travel a deductible business expense?(IRS Letter Rulings 200025052 and 200026025)Moore, Philip E