Uncategorized Tax Breaks Underwrite the Enjoyment of our Richest Citizens 9 Dec 2021 Nonprofit ProPublica "has identified a special class of superrich taxpayers who amass tax deductions to such an extent that they can avoid income taxes for years on end. Many of…
Uncategorized There are several ways of donating to charities and getting a tax deduction for the gift. 1 Oct 2021 Here is a short list of some of them as compiled by CPA and advisor Ed Mendlowitz, Withum.com.
Uncategorized Business Meal Expense deduction changed for 2021-22 29 Jun 2021 For calendar years 2021 and 2022, businesses (including self-employed persons) can deduct 100% of the cost of qualifying business-related food and beverage provided by a restaurant. In prior years, the…
Uncategorized Written Log Book Needed for Mileage Deduction 25 Jun 202118 Jun 2021 A recent case confirms the requirement to maintain a contemporaneous, written log book in order to claim a deduction for business mileage expense. (Contemporaneous means recorded at the time of…
Uncategorized Combining the Standard with an additional deduction 15 Feb 202115 Feb 2021 For most taxpayers in our state, due to tax law changes during the Trump administration, the Standard Deduction (one generic subtraction from your taxable income) is more favorable than Itemized…