Reverse Mortgages

Reverse Mortgages

Jul 22, 2019 | Income Tax, Sarasota Tax & Accounting

Individuals who are unwilling or unable to sell their home, and need additional income during retirement,may benefit from a reverse mortgage. Payments received on a reverse mortgage are not taxable to the individual. Tax-free Income. A reverse mortgage can be used to...
Employee or Independent Contractor?

Employee or Independent Contractor?

Jul 15, 2019 | Income Tax

In order for a business owner to know how to treat payments made to workers for services, he or she must first know the business relationship that exists between the business and the person performing the services. A worker’s status determines what taxes are paid and...
Business Expenses – Travel, Lodging and Meals

Business Expenses – Travel, Lodging and Meals

Jul 10, 2019 | Income Tax

Deductible Expenses In order to be a deductible, business expenses for travel, lodging, and meals must be ordinary and necessary. An ordinary expense is one that is common and accepted in your trade or business. A necessary expense is one that is helpful and...
Deduct Your Costs of Sponsoring Sports Teams

Deduct Your Costs of Sponsoring Sports Teams

Jul 8, 2019 | Income Tax

Have you wondered what it takes to deduct the costs of sponsoring a sports team? What if you play on the team? Could you pay for the team travel expenses? Revenue Ruling 70-393 states that the monies spent to outfit and support a sports team are similar to monies...
Employee Recreation and Parties Survive TCJA Tax Reform

Employee Recreation and Parties Survive TCJA Tax Reform

Jul 1, 2019 | Income Tax

When you know the rules, you can party with your employees and deduct 100 percent of the cost. Interestingly, if you feed your employees during a training program, your deduction is only 50 percent. Make sure you know the rules that give you the 100 percent deduction...