Archive for Tax Deductions

Gluten-Free Federal Tax Deduction

To be eligible to deduct the excess costs of a gluten-free diet under Internal Revenue Code Section 213, you must have a documented reason to require the observance of a gluten-free diet, along with a physician’s prescription to follow a gluten-free diet. This should provide sufficient documentation of eligibility.

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Facts & Myths About The Mileage Deduction – Free MileIQ App


The mileage deduction is a great way to save on your tax bill. But there are some misconceptions about this valuable deduction. Let’s go over some facts and myths about the mileage deduction.

Myth: You Need An Odometer Reading for Every Trip

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The Truth About Section 179 And Vehicles

John Stancil

I recently received a mailing from an American automobile company regarding the Section 179 deduction. The letter expressed some urgency to purchase a vehicle before the end of the year to get a large Section 179 deduction. While this is true, the letter left me with the impression that I needed to take action before December 31, 2016, or the deduction would be lost. What they stated was true. However, it is what was left unstated that concerns me.

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Deducting Travel To Conferences And Seminars


Travel to business-related conventions, seminars, or similar meetings can be tax deductible. This can include deductions for your transportation, lodging, and 50% of your meal expenses while on business. Learn about how to do this, as well as some of the IRS restrictions.

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Year End Tax Planning Starts With A Charitable Donation Assessment

John Dundon

How do you plan to give back next year?

The more money we tend to have, the harder it tends to be to share our resources with others. This is true up to the point we start to appreciate the significance of giving back. For many this tipping point comes far too late in life if at all. If you charitably donate or are considering being charitable, how much are you donating? How are you making those donations? Money? In kind? Time? How do you decide what is appropriate?

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Home Office Tax Deduction And Business Miles Deduction-Plus Free MILEIQ App

Many tax professionals like the ability to transfer their home into their office, since it allows for greater flexibility of time. There are also tax benefits when somebody sets apart a place in their home to create a home office. This post from MileIQ gives us the tax benefits and requirements for establishing a home office in order to apply for the tax deduction on business miles from the IRS.

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Dependency Exemptions For Relatives Other Than Children

Harold Goedde

This article will discuss the requirements to claim a relative as a dependent, items considered as support and items not considered as support. It also discusses multiple support agreements.

Requirements for claiming an exemption. ALL of the following must be met or the exemption will be disallowed by the IRS.

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Overlooked Tax Considerations For Small Business


If you own your own business, your tax obligations likely do not end with the IRS. There are other tax agencies looking to put the bite on you as well. Small business owners can cut their taxes by taking various tax deductions. Be sure you don’t pay more taxes than you need to by being aware of the overlooked tax considerations for small business.

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Charitably Giving With Intention – An Introspective – Part 1 – QCD’s

John Dundon

Last spring, I become a relatively involved with St. Peter’s Stewardship Committee out here in Greenwood Village, Colorado. With membership ranks and pledged donations struggling, my wife and I developed a plan to drill down into several aspects of charitable giving and report findings along the way.

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Alimony Payments Made Under Pre­trial Order—Things to Consider

Harold Geodde

In order for alimony payments made under pretrial order to be deductible (for Adjusted Gross Income) and taxable to the ex-spouse, the following conditions must be met:

(1) Payments must be made in cash

(2) Payments are received under a divorce or separate maintenance court decree

(3) The divorce or separation agreement does not designate the payment as something other than alimony (for example, a property settlement)

(4) The payer­ spouse and recipient­ spouse are not members of the same household at the time the payments are made

(5) There is no requirement to make the payments after the payer or recipient’s death.

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New Tax Credits For Architecture And Engineering Firms

Gian Pazzia

Architecture and engineering firms may want to take another look at the oft-forgotten Research & Development (R&D) Tax Credit. Many may be eligible for federal and state research credits without realizing it. Historically, the R&D Tax Credit was geared to only benefit large companies, mostly in the manufacturing, software, high-tech, and pharmaceutical industries. However, recent changes now allow designers of buildings and systems to also claim this credit.

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What you Need to Know About Alimony and Taxes


For tax purposes, alimony is a payment to a spouse or former spouse under a divorce or separation agreement. It does not included voluntary payments outside the scope of the agreement. The payer may deduct alimony, and it is taxable income to the recipient.

There are nine requirements that must be met for the payments to be characterized as alimony:

Payments are required by a divorce or separation agreement

Payer and recipient do not file a joint return

Payment is in cash (check or money order)

Non-cash property settlements, community income, or upkeep or use of the payers property are not alimony

The agreement does not specify that it is not alimony Read more