You ask how to know if a business expense is a write off or not? The starting point with the IRS
A. Is the Expense Ordinary?
An expense is ordinary if it is com...
For an owners draw on a schedule C sole proprietorship (and a single member LLC not electing to be treated differently),an owner's draw itself is not directly t...
"Recharacterization" is a transaction that allows you to treat a contribution made to one type of IRA (Traditional or Roth) as having been made to the other ty...
JR,Thank you for your follow-up question.For $55,000 gain less the standard deduction $15,750 = $34,250.You will have an additional standard deduction for being...
Greetings JRIf you are a single taxpayer and your only income is the capital gain if it is long term.Consider the $50,000 gain less the standard deduction $15,...
