Ordinary and Necessary Expenses Archives - Page 7 of 9

Shamsey Oloko March 15, 2016 Audit, Business Expenses, Charitable Contributions, Civil Liabilities, Civil Penalties, Collection Activities, Criminal Liabilities, Deductions, Expenses Deductions, Federal Tax Liens & Levies, Filing Status, Form 1040, Fraudulent Return, Home Office, Income Exclusions, Income Tax, Innocent Spouse Relief, Job Search Expenses, Ordinary and Necessary Expenses, Representation, Schedule A, Tax Evasion, Tax Fraud, Taxable Income 0

IRS Audits – What Are My Chances?

It’s considered by many taxpayers to be one of the most frightening events that could happen related to their everyday business affairs. What is this frightening event? An IRS audit, of course. But is a tax audit really that scary…

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…