Ken Berry, Esq., is a nationally-known writer and editor specializing in tax and financial planning matters. During a career of more than 35 years, he has served as managing editor of a publisher of content-based marketing tools and vice president of an online continuing education company in the financial services industry. As a freelance writer, Ken has authored thousands of articles for a wide variety of newsletters, magazines and other periodicals, emphasizing a sense of wit and clarity.
September 18, 2014
Suppose one of your clients receives a postcard or email heralding a business convention at a lush tropical paradise this winter. It’s hard to pass up and your client may jump at the opportunity. After the early presentations and round-table discussions,
September 14, 2014
[This is part of a series of articles on maximizing deductions for travel and entertainment (T&E) expenses.] Normally, you can’t deduct the cost of traveling between your home and your job, even though the travel is, in reality, business-related. The IRS considers “commuting” to be a nondeductible personal expense. However, if you qualify under the IRS’...…
September 11, 2014
First, a federal appeals court invalidated most of the regulations imposing continuing education and other regulatory requirements imposed by the IRS on tax return preparers (Loving, et al v. IRS, Civil Action 12-385 (JEB), U.S. Dist. Ct. DC, 1/18/13). .
September 9, 2014
There’s a better chance of Democrats and Republicans agreeing to the winner in “America’s Got Talent,” than there is of ever reaching a consensus on the IRS’ handling of the applications for tax-exempt status made by right-leaning political groups.
September 1, 2014
What often sets business taxpayers apart from individuals is the potential for deducting expenses relating to business driving. For virtually everyone else, the cost associated with operating a car or other vehicle is a nondeductible personal expense. However, if you use your own vehicle for business trips, you’re usually entitled to deductions on your federal…
August 26, 2014
As with domestic travel (i.e., travel within the 50 U.S. states and the District of Columbia), you can deduct all of your travel expenses if the trip is entirely for business purposes. Otherwise, you’re entitled to travel deductions only if the primary purpose of the trip is business-related. Again, the days spent on business versus…
August 25, 2014
It is well-known in tax circles that taxpayers can deduct the cost of traveling “away from home” on business. For this purpose, your tax home is usually your principal place of business. As an example, if you live and work in New York and fly to L.A. for a two-day whirlwind of business negotiations, the…
August 21, 2014
Frequently, the IRS challenges deductions for business-related driving expenses, especially when they involve local travel. Start with this basic premise: To qualify for transportation deductions, you must be traveling away from your tax home to a business location. For this purpose, your tax home is generally your principal place of business, not the place where…
August 21, 2014
The more things change, the more they stay the same. Despite the thousands of revisions to the tax code that are made each year, the IRS continues to focus on travel and entertainment (T&E) deductions in audits of business taxpayers.
August 18, 2014
People are living longer due to medical advances and other factors. So it only stands to reason that outliving your retirement savings is becoming a greater concern. Nevertheless, the IRS continues to insist that elderly taxpayers make “required minimum distributions” (RMDs) from their qualified retirement plans and IRAs each and every year.
August 11, 2014
It is well-established that you can deduct home office expenses only if certain tax law requirements are met. Notably, no deduction is allowed unless the taxpayer uses the home office regularly and exclusively for business purposes.
July 16, 2014
As part of its ongoing efforts to deter identity theft, the Internal Revenue Service has issued final regulations on use of truncated Taxpayer Identification Numbers (TINs). The new regulations, which apply to those who furnish and receive payee statements and tax-related documents, generally follow proposed regulations issued last year, albeit with some modifications.
