Tag Archives: Deductible

Tax Deductions That Aren’t Allowed By the IRS

tax deductionsGetting a tax deduction for an allowed expense on your taxes is great. Making the mistake of claiming a deduction that is not allowed by the IRS can you get into trouble and a possible audit. For example, you can deduct the expense of a dinner with clients up to 50% of the bill only. If you claim more than the 50% allowed or you do not properly record the business purpose of the meeting, the deduction could be thrown out.

Tax Act

Travel is similar to entertainment were only the part of the travel that is business related can be deducted. … Read more at 2009 Taxes

Requirements for Alimony to be Deductible

Tax Act

Individuals that pay alimony (also known as “spousal support” or “spousal maintenance”) to a former spouse can deduct these payments on their personal federal income tax returns. In turn, the alimony recipient is required to claim the payments as income.

Before a payor takes an alimony deduction they should make sure that their payments meet the IRS qualifications for alimony. Ideally, this was addressed and discussed in detail with their divorce attorney to ensure that the alimony was structured in a way that would allow a deduction. If you are not sure whether your payments are deductible you should … Read more at 2009 Taxes

Tax Deductibles for Internet Marketers

Tax Act

Just like any group of freelancers or workers who run their own businesses, one of the advantages of being an internet marketer is that there are quite a number of expenses and deductions that you can claim when it comes to filling in your tax return. There are of course a number of items specific to your particular business that you will be able to claim and these should be discussed with your accountant. But there are certain areas that every one who works freelance and online will equally be able to claim as a legitimate part of their business … Read more at 2009 Taxes