Ordinary and Necessary Expenses Archives - Page 5 of 9

Shamsey Oloko October 31, 2016 Ordinary and Necessary Expenses 0

Tax Treatment of Income from Hobbies

Countless Americans take pleasure from hobbies that also generate income. Collectibles of all types have skyrocketed in popularity, as well as income potential, in the last fifty years. Whether its dolls, baseball cards, stamps, coins, or Star Trek action figures,…

Can You Write Off Your (Expensive) Work Clothes?

Most employers impose a dress code for the office. As a result, there are more than a few members of the American workforce who must purchase items including expensive suits, dresses, shirts, blouses, and shoes to observe an employer’s dress…

Shamsey Oloko June 8, 2016 Business Expenses, Charitable Contributions, Deductions, Expenses Deductions, Moving Expenses, Ordinary and Necessary Expenses 0

When, If Ever, Can I Deduct Pet-Related Costs?

Believe it or not, there are some pet-related expenses which may be deducted from your taxes. Here is a summary of such expenses. And you thought all you were ever going to get out of this relationship was love, affection,…