Business Expense Archives - Page 5 of 6 - FREE Yourself from IRS Problems

Shamsey Oloko February 24, 2016 Business Expense, Business Expenses, Deductions, Expenses Deductions, Ordinary and Necessary Expenses, Taxable Income 0

Who qualifies as a real estate professional for tax purposes?

Issue Who qualifies as a real estate professional for tax purposes? More specifically, how does a taxpayer establish that he or she materially participate in rental activities, so that the rentals become non-passive, and any losses can be used without…

Shamsey Oloko February 22, 2016 Business Expense, Deductions, IRC Section 61, News, Ordinary and Necessary Expenses, Qualified Expenses 0

Is there a business deduction for expenses incurred in marijuana related enterprises?

Issue Is there a business deduction for expenses incurred in marijuana related enterprises? Related Tax Rules or Regulations Internal Revenue Code Section 61 Internal Revenue Code Section 280E Prior to 1982, an illegal business was able to reduce its revenue…

Shamsey Oloko January 27, 2016 Business Expense, Civil Liabilities, Civil Penalties, Representation, Trust Fund Recovery Penalty 0

PAYROLL TAX: THE TRUST FUND RECOVERY PENALTY

Employers must deduct taxes from their employees’ wages. Employers must make tax deposits and payments on time or they are subject to a Trust Fund Recovery Penalty (“TFRP”). To avoid the TFRP, employers must make sure that all employment taxes…