According to the IRS, to be deductible, an expenditure must be both "ordinary" and "necessary" in connection with your profession. The IRS defines "ordinary" as common and accepted in a particular profession and "necessary" as helpful and appropriate for a particular profession. Here’s a list of 16 professional expenditures commonly incurred by young health care… Continue reading Deducting Un-reimbursed Professional Expenses
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Deducting Un-reimbursed Professional Expenses
According to the IRS, to be deductible, an expenditure must be both "ordinary" and "necessary" in connection with your profession. The IRS defines "ordinary" as common and accepted in a particular profession and "necessary" as helpful and appropriate for a particular profession. Here’s a list of 16 professional expenditures commonly incurred by young health care… Continue reading Deducting Un-reimbursed Professional Expenses
Checklist to Cut your 2013 Tax Bill
It's not too late to cut your 2013 tax bill. Prior to Dec. 31st: Increase your 401(k) and 403(b) contributions if you haven't been contributing at the maximum rate all year. This year you can put away up to $17,500 ($23,000 if 50 or older) into your 401(k) or 403(b) plan. If you’re self-employed, consider… Continue reading Checklist to Cut your 2013 Tax Bill
CAT FOOD IS DEDUCTIBLE?
From Peter Blank, The Kiplinger Washington Editors in the original article on http://money.msn.com/taxes/14-extraordinary-tax-deductions-1 Here are two feline examples of the types of extraordinary deductions that have been allowed by the IRS: Cat food, part one A couple who owned a junkyard were allowed to write off the cost of cat food they set out to attract wild cats. They argued… Continue reading CAT FOOD IS DEDUCTIBLE?