Deductions and Write-Offs
The most frequently asked tax questions related to Deductions and Write-Offs
Are my business travel expenses for the cruise ship deductible?
Asked Monday, November 14, 2011 by an anonymous userCPA Answer:
If you travel by cruise ship for business the deductible cruise ship costs are limited to 2x the highest federal per diem rate for travel in the US. go to www.gsa.gov and click on per diem rates.
What is the difference between Travel and Commuting expenses?
Asked Monday, November 14, 2011 by an anonymous userCPA Answer:
Generally, commuting from your home to your place of business when you are not away from home are not deductible.
Unreimbursed employee travel are deductible but subject to the 2% of AGI floor on Schedule A. Self-employed individuals claim 100% of the travel expenses on Schedule C.
Unreimbursed employee travel are deductible but subject to the 2% of AGI floor on Schedule A. Self-employed individuals claim 100% of the travel expenses on Schedule C.
Are my cell phone calls made while commuting to work deductible?
Asked Monday, November 14, 2011 by an anonymous userCPA Answer:
The IRS states that any cell phone calls made while commuting to work are not deductible.
Are there deductible commuting expenses?
Asked Monday, November 14, 2011 by an anonymous userCPA Answer:
The IRS allows 2 exceptions. If you are on a business trip out of town you may deduct taxi fares and other transportation costs from your hotel to your first business call and all other transportation costs between business calls. Also the additional costs of transporting tools to work are deductible.
Are travel costs deductible from my home office?
Asked Monday, November 14, 2011 by an anonymous userCPA Answer:
If your home office is your principal place of business, you can deduct travel costs between the home office and the offices of your customers or clients.
Are my meal costs deductible?
Asked Monday, November 14, 2011 by an anonymous userCPA Answer:
To be deductible, meal costs must be incurred while away from home. The away from home test requires that the person be on a business trip that lasts longer than one business day and requires time off to sleep before returning home. Meal costs while away from home are subject to the 50% deduction limit.
Is my margin interest from my brokerage account reported to the IRS ?
Asked Friday, January 26, 2001 by an anonymous userCPA Answer:
The IRS does not require brokerage firms to report margin interest on the form 1099-INT. Generally, the amount is reported on the statement you receive from your brokerage firm as margin interest paid on the non-reportable section of the Consolidated 1099.
My daughter turned 19 in December, Can I use her for the child tax credit calculation ?
Asked Wednesday, January 17, 2001 by an anonymous userCPA Answer:
No. She is not a qualifying child for the child tax credit because she was not under age 19 as of the end of the year.
Can I claim a child tax credit for my grandchild that lives with me that I claim as a dependent ?
Asked Wednesday, January 17, 2001 by an anonymous userCPA Answer:
A qualifying child for the child tax credit must be a grandchild, son or daughter, adopted child or eligible foster child. That child must live with you and you claim her as a dependent and she is under age 17 at the end of the year and a citizen or resident of the US. If so, then you can claim her as a qualifying child for the child tax credit.