Category Archives: Articles

Irreverent, entertaining, incisive articles on a variety of accounting and tax subjects.

Cruising for Tax Deductions? Your Next Caribbean Cruise Can Be Tax Deductible, by William Brighenti, CPA

Are you sick of freezing weather and need some CPE credits?  Consider a Caribbean cruise and deduct its costs.  This article explains how.

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Home Buyer Tax Credits: $8,000 or $6,500 Good Reasons to Buy a Home Before April 30, 2010

H.R. 3548 – Worker, Homeownership, and Business Assistance Act of 2009 was signed into law by President Barack Obama on November 6, 2009, offering an extension of generous tax benefits to first-time home buyers as well as expanding nearly comparable … Continue reading

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Independent Contractor or Employee? You Better Know!

Many employers erroneously think that they can “hire” individuals as independent contractors simply by having them agree to work under that designation, orally or in writing in the form of a contract.  Nothing could be further from the truth.  There … Continue reading

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How to Figure Your Home Office Deduction

Don’t spend hours reading Publication 587, trying to figure out how to calculate your home office deduction:  read the article, “How to Figure Your Home Office Deduction“, and follow the directives contained therein, including the schedules required for your type … Continue reading

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Confused by Publication 587’s 35 Pages on Home Office Deduction?

While reading Publication 587 “Business Use of Your Home”, and studying its flowchart on page 4 in an attempt to determine if you are entitled to a home office deduction on your tax return, do you find yourself a bit confused?  … Continue reading

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Married Partners Need Not File Partnership Return

Are you and your spouse operating a business together and filing partnership returns in addition to individual tax returns?  The Small Business and Work Opportunity Tax Act of 2007 now allows a “qualified joint venture” to elect not to be treated … Continue reading

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Do You Know Your Basis in Your S Corporation?

Do you know your shareholder basis in the stock of your S corporation?  It is your responsibility, and not that of the corporation, to track your stock and debt basis in the business.  Why is this important?  If you as a shareholder are allocated an … Continue reading

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Roll Overs for Business Startups ROBS IRS of Tax Revenues: So Tread Carefully Before Rolling Over

Promoters have been marketing on the internet the use of 401(k) funds to purchase franchises or startup businesses, which normally require up front material sums of monies to launch. The procedure typically involves the creation of a C-corporation by the … Continue reading

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Uniform Capitalization (UNICAP) Rule Section 263A: Simplified Production Method and Simplified Service Cost Method Are Not So Simple

In concept, the uniform capitalization (UNICAP) rules of the Internal Revenue Code Section 263A appear straightforward and not too difficult to understand: producers of tangible property (except those specifically excluded) must include in inventory the indirect costs as well as … Continue reading

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Tax Deductions for Temporary Workers

Thousands of individuals have accepted temporary work assignments, after being laid off and unable to find full-time “permanent” employment.  Most of these people are eligible for significant tax deductions previously unavailable to them as regular employees: Car and plane flights … Continue reading

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