Deductions and Write-Offs
The most frequently asked tax questions related to Deductions and Write-Offs
Returns
Asked Wednesday, April 08, 2026 by StetsonThis is my first year doing taxes ever for my business or personally. I started my business just a year ago and have spent $1400 in it this year $1000 of that being in a business computer. since I have zero taxable income is there any way that I can do my taxes in which this business computer is a depreciating asset or some way that I could get some money return this year or the $1000 in total that I spent on this computer or is there no way to do that and I have to roll it over to next year?
Quick Answer:
529 tax deductions
Asked Wednesday, April 08, 2026 by PeterHello I live in Connecticut and work in New York. I have an NY 529. Can I deduct my contributions from my taxes? Thank you.
Quick Answer:
Tax liability
Asked Friday, January 02, 2026 by JOSEPHHello, I Own a llc. In Connecticut and do Excavating. I purchased .property in 2025 for 200k to ise for business operations. Im trying to figure out how much my tax liability will be come tax season.
Quick Answer:
Rental Properties
Asked Friday, December 05, 2025 by ShanIf I invest in rental properties through sites like arrived.com, how would that affect my taxes when I file tax returns next year? Would it position me for more deductions?
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HSA question
Asked Friday, September 05, 2025 by AdamI've had an HSA since Feb '22. I'm over 55 and been making the maximum contribution. I've had no medical issues in this time and not spent any of the funds. I didn't realize I was supposed to leave unspent funds in the HSA account so at the end of each year I moved the accumulated funds to my general savings. Do you think I still received my tax credit for my yearly HSA savings? Is there a way to restore the 15k back into my HSA account for interest, investment, and other purposes?
Quick Answer:
New Car Deduction
Asked Tuesday, August 12, 2025 by Mary SueHello, I was wondering if I can deduct a portion of the cost of a new car purchase under section 179 if I have a sole proprietorship and will be using the car 60% of the time for business meetings, site visits, and client meetings?
Quick Answer:
Reduce Tax Liability
Asked Wednesday, August 17, 2022 by MaryDoes buying something of value help me reduce my tax liability? We have earned a substantial amount of money this year and I am wondering if purchases need to be made to reduce our tax liability.
CPA Answer:
Earn tax-free income.
Maximize deductions.
Maximize tax credits.
Contributing to a retirement account – 401k or IRA.
Opening a health savings account.
Contributing to employer-sponsored plans.
Profiting from investment losses.
Check for flexible spending accounts at work.
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What to pay out of business account?
Asked Wednesday, December 08, 2021 by KatieI have a virtual assistant business out of my home. I plan on writing off part of my mortgage and utilities. Should I pay these bills out of my business account?
CPA Answer:
Hello Katie,
In order to answer your question properly, it is important to know the tax structure of your business; is it a corporation, Single-member LLC or sole proprietor.
Since we can only deduct the portion of your home that is used exclusively and regularly for business (the rule of thumb for the percentage to be in the range of 5-20%), I would advise you to pay for the expenses out of your personal accounts, then record the deductible portion on a monthly basis on a separate sheet. At the end of the year or on a monthly basis, provide an employee reimbursement report to your company for payment.
In general, the deductible portion of the mortgage, real estate taxes, utilities, and insurance need to be booked as "due to shareholder". Once it has been paid by cutting a check or transferring the money out of your business account to your personal account, you will need to reverse the entry by getting rid of your account "due to shareholder" and reducing your cash balance.
Hope my answer helped.
Ragi Riad
Actors...!?
Asked Tuesday, December 07, 2021 by ScottCan an actor donate his acting services to a non-profit and receive a receipt reflecting their usual rate of pay for their time? Example, Sam Actor performs for a non-profit for 2-hours. His usual rate of pay is $500/hour. That means he would have normally been paid $1,000. The non-profit gives him a receipt that says he donated his services and the value was $1,000. It's a great theory, but is it a legitimate deduction?
CPA Answer:
Hello Scott,
Unfortunately, the value of time or service is not tax-deductible, but any expenses that incur due to the pro bono work that are directly related to the charity are tax-deductible.
Ragi Riad