Business Deduction

Home Office Deduction: A Comprehensive Guide for Doctors

For many self-employed physicians and medical professionals, the concept of a home office has become increasingly relevant, especially with the rise of telemedicine and administrative duties doctors can perform in the comfort of their homes. Claiming the home office deduction can provide tax savings for doctors who manage their practices or work from home regularly, …

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Are Real Estate Investment Education Expenses Tax Deductible? Understanding the Business vs. Investment Distinction

Owning real estate can offer several benefits, from generating regular cash flow to tax write-offs. Many real estate owners seek to expand their knowledge through various educational programs, conferences, and courses. A common question that arises is: “Are these educational expenses tax deductible?”  The answer hinges on whether your real estate activities are classified as …

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Are Travel Expenses Tax Deductible When Your Spouse Joins You on a Business Trip?

Picture it: you have an upcoming business trip to an exciting location, and your spouse gets that sparkle in their eye: “Can I come too?” Beyond the fun of combining business with a bit of leisure, an essential question arises: “Are my spouse’s travel expenses tax deductible?” While we all love the idea of trimming …

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Can I write off a cruise?

On the week of September 16th I was with my family on a Disney Halloween themed cruise ship, enjoying the all encompassing experience of being out in the middle of the ocean for four nights. I have to admit, I am not a boat person and this tripped confirmed it! We had rough seas going …

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Creating More Business Meal Tax Deductions After the TCJA

Here’s good news for business meals: the Tax Cuts and Jobs Act (TCJA) removed the “directly related and associated with” requirements from business meals. The net effect of this change is to subject business meals once again to the pre-1963 “ordinary and necessary” business expense rules. You are going to like these rules. Restaurants and …

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Take Advantage of the 199A Deduction for 2019

If you operate your business as a pass-through entity, such as a proprietorship, partnership, or S corporation, the profits of that business can generate the Section 199A tax deduction. No-Problem Businesses You qualify for the Section 199A deduction—period, regardless of pass-through business type—when you have pass-through qualified business income (QBI), and 2019 Form 1040 taxable …

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