The IRS Deductions Blog

Posts Tagged ‘tax’

Question: What can you deduct if…..?

My husband and I own a business. We are sponsoring a T-Ball team this year. What all will be considered deductible when we file taxes next year? (ie…sponsorship fee, uniforms, water cooler for team, first aid kit…etc) We are an LLC, Sole Propriertship company.

Thanks.

Answer: All your expenses will be deductable. If you pay for the team to eat, only 50% is deductable. I am sure the kids thank you

Items on Amazon Right Now for Sponsorship Deductible:

The Kilimanjaro Climb August 2010

Items on Amazon Right Now for Medical Aid Tax Deduction:

Tax Deductions A to Z for Fire, Police and EMT Professionals (Tax Deductions A to Z series) $12.95 Supplanting confusing technical jargon with practical and easy-to-follow listings, these specialized guidebooks provide expert research in a user-friendly, alphabetical format in order to maximize deductions on tax returns. These portable pocket guides give career professionals?from military personnel and teachers to priests and writers?a single source for finding relevant, money-saving tax deduct…

Volunteer Abroad Philippines Health Care Programs Medical Nurses EMT’s Dentists

Question: Whats dose the letter “R” stands for on my payslip ?

Does anyone know what the letter “R” stands for on my payslip. It comes after the income tax deduction where it would say, for instance, 20.00R

Answer: That means the sum shown in front of it is a refund, not a deduction.

Items on Amazon Right Now for Tax Deduction Letters:

Upside-down deductions.(Editorials and Letters): An article from: The Register-Guard (Eugene, OR) $9.95 This digital document is an article from The Register-Guard (Eugene, OR), published by The Register Guard on January 4, 2012. The length of the article is 567 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Upside-down deductions.(…

Uncharitable charities.(Editorials and Letters): An article from: The Register-Guard (Eugene, OR) $9.95 This digital document is an article from The Register-Guard (Eugene, OR), published by The Register Guard on June 2, 2011. The length of the article is 477 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Uncharitable charities.(Edi…

Food and beverage deduction.(IRS Letter Ruling 200030001): An article from: The Tax Adviser $5.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on October 1, 2000. The length of the article is 708 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.Citation DetailsTitl…

TurboTax Home & Business Federal + State + Federal efile 2009 $42.89 TURBOTAX HOME & BUSINESS WITH…

New Tax Deductions 2011

Question: Is ELECTIVE egg harvesting reimbursable from Flex Spending?

IRS guidelines for Deductible Medical expenses and those reimbursable under section 125 of the Flexible Spending provsion state that fertility treatments (including IVF) are eligible if used to “overcome an inability to have children”. I have not been diagnosed with fertility and have not been trying to get pregnat, but I am wanting to extend my fertility by harvesting eggs and freezing them or resulting embryos (should I choose to fertilize before freezing) for potential use in the future.

I am at an age where fertility is generally accepted to be diminished but I have no medical evidence or diagnosis of infertility.

Answer: Basically anything that is elective is not allowed. In saying that, I can think of half a dozen exceptions, but this isn’t one of them.

I’d love to add to this, to offer suggestions of ways you might be able to finance this or get around tax, but there’s nothing. This just really doesn’t count under any of the rules.

Items on Amazon Right Now for Irs Deductible Medical Expenses:

Umbilical Cord Blood – TaxMama.com

Question: With as much time as we spend here on Y/A, can we claim our computers as a Tax Deduction?

Answer: I wish I was getting paid to spill my vast amount of knowledge everyday on here.

HA! HA! HA! =)

Items on Amazon Right Now for Tax Deduction Computers:

TurboTax Home & Business Federal + E-file + State 2011 $70.09 This tax software features the EasyStep® Interview for a step by step guide to efficient calculations in deductions, investment sales history and other tax-related issues. Ideal to use if you are a sole-proprietor, consultant, 1099 contractor, self-employed or a single-owner of LLCs; this software features ItsDeductible®, Audit Risk Meter® and Cost Basis Lookup to help accurately calcu…

H&R Block At Home Deluxe + State 2011 Win [Download] $25.22 H&R Block At Home: Deluxe–Homeowners/Investors, Federal + State H&R Block At Home Deluxe is the right choice for those with more complex tax situations to easily complete their federal and state returns. It includes the H&R Block tax expertise you trust–plus H&R Block’s maximum refund guarantee. H&R Block At Home Deluxe includes everything you need to easily complete your federal and state taxe…

QuickBooks Enhanced Payroll 2012 $116.99 Financial Management – Standard Retail – CD-ROM – PC…

Quicken Rental Property Manager 2011 – [Old Version] $59.96 It shows how your rental properties are doing and where you’re spending at a glance. The Intuit Quicken Rental Property Manager 2011 Software identifies tax-deductible rental property expenses so you can maximize your tax deductions. It shows which rents have been paid so you know who owes you money and stores lease terms, rental rates and security deposits for each tenant….

Can I Deduct the Cost of a New Computer on my Taxes?