Tag: tax deductions

Recent IRS guidance on the deductibility of meals

This month, the IRS issued guidance clarifying that taxpayers may generally continue to deduct 50% of the food and beverage expenses associated with operating their trade or business, despite changes to the meal and entertainment expense deduction under Sec. 274...

Understanding the medical expense deduction for home improvements

  • December 29, 2016
  • Maria Montie, CPA, MST, CVA, MAFF

According to the Family Caregiver Alliance, approximately 79% of people who require long-term care live in their homes. As such, modifications to make homes more accessible, safer, or capable of addressing specific health issues are necessary—and many individuals making these...

Back-to-school tax tips

It’s hard to believe, but the first day of school is nearly upon us. According to TaxAudit.com, taxpayers should keep the following tips in mind when it comes to education-related tax breaks and deductions this school year. Before and After...

Tax aspects of historic preservation

  • June 9, 2015
  • Mark Hughes CPA CFE

If you have questions about federal rehabilitation credits for historic structures, the IRS publication entitled Tax Aspects of Historic Preservation can help. For further information on this topic, contact your ShindelRock tax advisor.

IRS addresses mortgage interest deduction when property is owned by more than one taxpayer

  • February 5, 2015
  • Mark Hughes CPA CFE

The IRS recently addressed the issue of who is entitled to claim a home mortgage interest deduction where the underlying property is owned by more than one taxpayer, and mortgage payments are made by one or both of them. In general, a...

Beware of the Tax Grinch when Giving Gifts to Clients or Employees

With the holiday season right around the corner we thought it would be a good idea to remind everyone of the tax rules related to gift giving.  While gifts given customer or employees are a great way to generate good...

Preparing for an audit? Don’t panic and follow these steps…

Small business owners may receive some unwanted mail in 2014--an IRS audit notice.  While it's likely a randomly generated inquiry into your business, the mere thought of accounting for every last step on your tax trail can be daunting.  We...

Home Office Deduction: The IRS Offers a New Method

Starting with the 2013 return, the IRS released Rev. Proc 2013-13 which gives taxpayers an optional safe-harbor method to calculate the amount of deduction for expenses for qualified business use of a residence. Individual taxpayers who elect this method can...

SR Client Question: Can I deduct my medical and dental expenses?

If you paid for medical or dental expenses last year, you may be able to get a tax deduction for costs not covered by insurance. However, there are seven facts you should know about claiming the medical and dental expense...

Reminder: Do Not Forget the Health Insurance Deduction if You Are Self-Employed

If you are self-employed, there are still deductions for medical, dental or long-term care insurance premiums that are paid for themselves, their spouse and their dependents. The insurance can also cover your child who was under age 27 at the...