The IRS Deductions Blog

Archive for June, 2008

Question: Sorority dues deductible as business expense?

I’m usually the one answering questions, but this is a new one to me. A teacher who belongs to her college sorority wants to deduct the dues as part of her business expense. I’m thinking she can’t because it’s a social organization, but would love input from other CPAs/Tax specialists. And yes, I already checked my Master Tax guide and IRS. gov

Answer: Generally, you cannot deduct the cost of membership in any club organized for business, pleasure, recreation, or other social purpose. This includes business, social, athletic, luncheon, sporting, airline, hotel, golf, and country clubs. For exceptions, see Dues to Chambers of Commerce and Professional Societies under Unreimbursed Employee Expenses, earlier.

Publication 529

http://www.irs.gov/publications/p529/ar02.html#d0e2724

A Fraternity or Sorority are considered to be social clubs or organizations, not a business organization

A Teachers Professional Organization would qualify as it is in direct relationship to her job

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5 tips for money management; questions for your accountant

Five tips for small business money management; questions every small business owner needs to askl your accountant

Question: What is the average mileage reported on business tax deductible automobiles?

Just wondering because I am estimating the cost of a business me and my partner are planning on running. I live in the new york city and surrounding areas.We are also planning on running a second location in Los Angeles. Both businesses require automobiles.
Im aware I cant add averages on a tax return, however for car purchasing purposes im just wondering if there is any type of statistics available for people that report mileages on their business vehicles.

Answer: There would be a number of factors, not the least of which would be the nature of the business, that would go in determining the average mileage per vehicle. You would be as good as anyone in determining that as you know the nature of the business you plan to start. At least I would hope that you do.

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Make-A-Wish seeks Va. volunteers

Twenty-nine years ago, 7-year-old Chris made a wish. More than anything, this leukemia-stricken child dreamed of becoming a police officer. A U.S. Customs officer, who had befriended Chris’s mother, promised him a police helicopter ride. When Chris’s health worsened, the officer contacted the Arizona Department of Public Safety.

Tax Deduction | Tax Deductions That You’re Allowed To Take

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Killeen Daily Herald • Central Texas News

If I claim my daughter as a dependent because she is a full-time college student, can she claim herself as a dependent when she files her return?

taxslayer.com or deduction by reproduction

Have you ever thought about the Mortgage and finance sector of Toronto, Canada? If not, try thinking about it now because mortgaging in Toronto is really a very easy thing. Today when a smallest of need requires finance, you know the value of money and its utilization. Because of inflation and crisis together, we are in need of loans, mortgage and finance. One of the best cities of Canada offers you the home mortgage, second mortgage and even first mortgage at very affordable rates. The mortgage rates of Toronto are the best; they give you no reason for going somewhere else for mortgage or loan applications.

The only problem people are facing while mortgaging application is the bad credit or the less credit. But Bad Credit Mortgage Toronto is easy and affordable. Yes, Toronto helps customers with high risk to get loan/mortgage. Usually finance institute or bank has a mortgage specialist who access over 40 to 50 lenders for you, but in Toronto they will help you by accessing 100 lenders. Toronto has advised many customers on how to remove the bad credit stigma via secured credit cards. Bad Credit is no more an issue if you want to mortgage from Toronto, Canada.

Toronto also offers fewer rates on mortgage for home. Your home must be your all time desire to get true. Toronto home mortgage loans will help you to make them come true. Even extension or building of home with mortgage is at a fewer rate in Toronto. Start conversing with Toronto for your home mortgage loans.

It is hard to believe but it’s a fact that people in Toronto are using a Second Mortgage for paying off any other interests or high consolidation. The Second Mortgage rates in Toronto are bit higher as they are taken to pay off the high dues and also it is secondary to another loan. The Second Mortgage qualifications are normally based upon the equity you have built upon in your home.

For mortgage of your house, a first mortgage or even a second mortgage in Toronto requires a selective mortgage broker who helps you with all the aids during mortgaging procedure. You should not forget that only low interest rates are not necessary for mortgaging, issues like flexibility of loan and pre payment activities are also taken into consideration. A best Mortgage Broker Toronto helps you during all the activities from the initial agreement of your loan to its expiry.

Mortgaging in Toronto is simple and easy with the help of mortgage brokers, Toronto.

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When Focusing on Tax Deductions Could Cost You [Personal Finance]

# personalfinance While some tax deductions can save you bunches every year, this isn’t always the case—sometimes, prioritizing certain deductions can cause you to build up debt, and risk costing you more in the long run. More »