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One of the questions that I used to teach at seminars (back in the days when I traveled the country doing live seminars) was to change the term “Is this deductible?” to “How is this deductible?” As we brainstormed our list of 1000+ Possible Business Deductions, some of the things we came up with were ...

Closely aligned with Deduction #49, Architectural services will either be capitalized (treated as assets and then depreciated) or immediately expensed as part of a repair project. Don’t make a quick judgement as to whether your construction or rehab project involves improvements or repairs, though. The IRS has conflicting law and not really clear-cut answers as ...

If you’re building or remodeling a business property, then you have a legitimate deduction when it comes to the architectural fees that are related to that construction. There is one gotcha though. In most cases, the architectural fees will be part of the overall improvement cost for the building(s). You’ll need to capitalize those costs ...

An Archer MSA is a tax-exempt account that you set up with a U.S. financial institution (such as a bank or an insurance company) in which you can save money exclusively for future medical expenses. What are the benefits of an Archer MSA? You may enjoy several benefits from having an Archer MSA. You can ...

In general, off the shelf medical products aren’t tax deductible. But, if your doctor prescribes the arch supports you may have a deduction. Medical expenses are generally reported as an Itemized Deduction as part of Schedule A on your tax return. If you have a C Corporation, consider starting a Medical Expense Reimbursement Plan (MERP) ...

Under current law, you can get a deduction for both cash and property you donate to qualified charities. If the property has appreciated, or gone up in value, you can often take a deduction for the increased value. But there are some conditions. To claim a deduction for the value of the property you donate ...

There are a lot of times when you may need an independent appraisal of business property. In fact, you may even need to have someone appraise the value of your business. This is typically called a business valuation, but the point is the same. You want to find out how much something is worth. You ...

How can you deduct your Apple TV? Prove that it’s required for your business. If your business is involved in video or audio production in any capacity, chances are your business requires you to review other productions. For example, my son loves music. He wanted to find a way to write off his iTunes purchases. ...

The deduction of “other business activities” is pretty much the same as miscellaneous. Remember you still have to meet the requirement of “ordinary” and “necessary” for the expenses to be deductible. That means that the expense must be ordinary for your type of business and necessary to the production of income. And one other thing, ...

If you have a business, one of the often inevitable things you’ll face is tax. At USTaxAid Services, we focus on saving you federal and state income tax, but often taxes like Washington’s B & O tax, Texas’s Margin Tax, franchise taxes and business license taxes are inevitable. For what it’s worth, at least you ...