When Moses left Egypt to lead the Hebrews to the Promised Land he met the criteria for deductible moving expenses. There are two tests that determine whether moving expenses are deductible: a distance test and a time test. DISTANCE TEST. The distance test is satisfied if the distance from a taxpayer’s old residence to his…
Tax Liability Options
Some things in life are overwhelming. A large income tax liability can be one of those things. How can you deal with the IRS lurking over your shoulder? Seid & Company uses a 10-step approach to analyze the best option for resolving a tax liability. It’s methodical – and even alphabetical! A. AMEND/ABATE. Income tax…
Home Office Deductions
Generally, no deductions are allowed for personal, living or family expenses; including those attributable to the costs of a personal residence. However, a deduction is allowed for the business use of a home office. The Two Requirements. There are two basic requirements to qualify for the home office deduction. First, the home office must be…