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Tax Tips

Husband & Wife Board Meetings Tax Deductible?

Oct 26 2013
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Can a husband and wife claim a tax deduction for a corporate board of directors meeting where they are the only participants? Well, according to the IRS audit manual, the answer is no. Per the IRS audit manual, “Board meetings between husband and wife are not ordinary and
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Combine Business and Pleasure Travel

Oct 26 2013
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Later this month, I’ll be traveling back home to Toronto to enjoy the city’s vibrant culture and hopefully some Maple Leafs hockey. Part of my trip will include attending a 3 day cross-border tax conference in Toronto to get the continuing education credits required
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How to Deduct Vehicles Used By Employees

Oct 19 2013
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How do you deduct the expenses associated with a company owned vehicle provided to an employee? To take advantage of special tax deductions, a business client of ours recently leased some cars for their sales employees to use. The monthly vehicle lease on each car is say $200. In
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How To Lower Your Risk Of Being Audited By The IRS

Oct 19 2013
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We’ve all heard how forming a business entity limits an owner’s personal liability. What people don’t know is that forming a business entity can also lower your risk of being audited by the IRS. At Gedeon Law & CPA, as part of our continued effort to provide our clients with
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Restaurant Owners Beware: IRS to Classify Mandatory Tips as Wages

Oct 19 2013
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Does your restaurant charge a mandatory tip for groups larger than six patrons? If so, then you need to be aware that starting January 1, 2014 the IRS will now consider these mandatory tips as employee wages rather than tips. Moreover, these wages do not qualify for FICA tip
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Are Golf Lessons Tax Deductible?

Jul 28 2013
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Wouldn’t it be nice if you can get a tax deduction for taking golf lessons to improve your golf game? You’ll be glad to know that you don’t need to be Tiger Woods and playing on the PGA tour to claim a tax deduction for your golf lessons. In fact, even your weekend duffer can,
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Can You Depreciate Land?

Jul 28 2013
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How can you claim depreciation expense on land? As most people know, you cant claim depreciation expense on the value of land used for business or investment purposes. Why? Because unlike a building, for example, the IRS considers land to have an unlimited life. But, as we
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Buy A Building and Rent It To Your Business

Jun 20 2013
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What are the tax benefits if your business buys a property instead of leasing it? In this article, we’ll tell you how one of our client’s took advantage of low market prices and interest rates to acquire a property for use by their S Corp and realized substantial tax
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Let The IRS Help Care For Your Kids

Jun 14 2013
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In the words of Alice Cooper, School’s Out for Summer. Besides no more pencils and no more books, it also means no more supervised classroom program to look after Junior while you work. Luckily, the IRS provides opportunities to reap the benefits of the child care tax
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Turn Your Parents’ Home Into A Tax Write Off

Jun 11 2013
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Are you traveling on business this summer and to a city where your parents (or relatives or friends) live? If yes, then this article will show you how one of our clients turned mom and dad’s “bed and breakfast” into a tax deduction for her business and tax free
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