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Tag Archive for expenses

Planning For The New Business Interest Expense Deduction Limitation

As part of the Tax Cuts and Jobs Act (“TCJA”) signed into law on December 22, 2017, some important changes have been made with respect to the deductibility of business interest expense for tax years beginning after December 31, 2017. Under prior law, business interest expense was generally deductible in the year in which the interest was paid or accrued, except that corporations were subject to certain limitations under IRC Section 163(j) (“the earnings stripping rules”). TCJA created a new limitation, which replaces the “earnings stripping rules” and applies to all businesses, regardless of form, on the deductibility of net business interest expense that exceeds 30% of a taxpayer’s “adjusted taxable income.” Read more

How To Deduct Toll Expenses On Your Taxes

In this Ask a Tax Expert, our tax pro answers how to deduct tolls on your taxes. Remember, you can deduct nearly any toll as long as it’s related to business. But, what if your tolls are related to charity?

Can I Deduct Toll Expenses On Taxes?

Q. My wife volunteers for a hospice care organization. She travels there daily and pays a lot of tolls to get to some of her patients. Most of our monthly toll bill is for her volunteer work. Would we be able to deduct those from our taxes? Read more