Qualified Expenses Archives - Page 4 of 4 - FREE Yourself from IRS Problems

Shamsey Oloko February 26, 2016 Business Expense, Business Expenses, Deductions, Income, Qualified Expenses 0

If I convert a home to a rental, when can I deduct any losses related thereto?

Issue If a taxpayer converts a home to a rental, when can the taxpayer deduct any losses related thereto? Related Tax Rules or Regulations Internal Revenue Code Section 262, which provides that except as otherwise expressly provided, no deduction is allowed…

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 19, 2016 Education Tax Credit, Lifetime Learning Credit, Qualified Expenses, Tax Credit 0

BACK TO SCHOOL EDUCATION CREDITS

If you or a loved one like a spouse or child is enrolling in college in the near future, remember that there are tax credits which may reduce your tax bill. Before reviewing these credits, it is important to note…