TAX TIP OF THE DAY... deduct your "crash pad"
If you work out of state during the week and return home on weekends, you may be able to deduct your "crash pad" lodging and much more. Many employees working out of area rent a home or hotel room during the week... sometimes referred to as a "crash pad". Check with your tax preparer to see if you qualify to deduct crash pad lodging, Mon-Fri meals and mileage to come home on weekends. SHARE WITH A FRIEND. If you need a tax appointment... www.baboiancpa.com TAX TIP OF THE DAY... deduct Superbowl 50!
Are you getting together with others today to watch the big game? Will you discuss work before, during or after the game? Maybe you should... in order to DEDUCT chips, salsa, bean dip, chicken wings, pizza, subs, beer, etc. Certain meals & entertainment deductions are allowed by the IRS. WHAT IS REQUIRED? 1) keep the receipts for your purchases 2) discuss business... new ideas, potential customers, current work challenges, current work solutions. Tell people what you do. All conversations can lead to future opportunities. 3) list on one receipt the attendees and a few ideas that were discussed HOW LONG DO YOU NEED TO DISCUSS BUSINESS? It depends. 30 seconds, 10 minutes or maybe the entire game if you are a real pest. Long enough to provide new opportunities... to increase income, to save money on expenses, or to develop new ideas (advertising, payroll, web sites, paperless solutions, new products, etc.). Discuss the details with your tax professional. Go Broncos! P.S. SUPERBOWL BETS ARE NOT TAX DEDUCTIBLE. SHARE WITH A FRIEND. If you need a tax appointment... www.baboiancpa.com TAX TIP OF THE DAY... deduct your luggage!
I like the suitcases on 4 wheels that appear to roll effortlessly with the touch of one finger. But they are expensive. GOOD NEWS, if you occasionally travel overnight for work. It's time for a luggage upgrade and a NEW TAX DEDUCTION. You can deduct the business portion of luggage expenditures. The business portion is calculated based upon the number of business trips vs the number of personal trips for an average year. The number of days of each trip does not matter. So if you take an average of 2 business trips per year and 2 personal overnight getaways... you can write off 50% of your new luggage. SHARE WITH A FRIEND. If you need tax help... www.baboiancpa.com TAX TIP OF THE DAY... deduct your socks!
Protective work clothing is deductible. Do you work in a cold environment for some part of your work day... outdoors, in a vehicle, cold storage, driving between buildings, in an office with a malfunctioning furnace, with a "warm blooded" boss who keeps the thermostat at 60 degrees? If you are cold, you can deduct the protective clothing that it takes to keep you warm: socks, gloves, thermals, sweaters, etc. The expense is limited to "ordinary and necessary". You should wear the protective clothing primarily for work. So no Armani socks that you wore to work once, when Walmart could have warmed just as well. SHARE WITH A FRIEND. If you need tax help... www.baboiancpa.com |
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AuthorDavid S. Baboian, CPA Archives
February 2018
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