So, is there a time when an advanced degree can be a deductible business expense? Yes, it can be. It depends on certain factors (or a combination). See this article by Ken Berry in CPA Practice Advisor for more details: http://www.cpapracticeadvisor.com/news/11440215/is-an-mba-degree-tax-deductible-it-depends The interesting part of all this is that courts have both allowed and disallowed a deduction, depending on circumstances, so it really is on a case by case basis. Most importantly, if it is not required by your employer or qualifies you for a new profession, it probably will not be deductible. But if it just sharpens skills you already need in your job, you might have a tax writeoff. For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa
CPA Tax Musings: Tax moves to make in May 2014
Well, May is here. A good time for both finishing 2013 taxes (if you are on extension) and preparing for 2014 (you can never get going too soon). See this post from Kay Bell’s ‘Don’t Mess With Taxes’ for some ideas: http://dontmesswithtaxes.typepad.com/dont_mess_with_taxes/2014/05/tax-moves-to-make-in-may-2014.html Starting now for 2014 could mean not forgetting last minute items that will save taxes for this year. Also let your tax preparer know when your life changes – you can put together a strategy now to possibly save tax instead of finding out in January how you could have saved (but too late to put into play.) For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa
Musings of a Burbank CPA: Topless Dancer Redefines ‘Ordinary and Necessary’
Now here we have a new definition of ordinary and necessary business expenses in a case won by a topless dancer for inplants! See this posting in AccountingWeb by Julian Block for more details of the case and why she won: http://www.accountingweb.com/article/topless-dancer-redefines-ordinary-and-necessary/223296 Now be aware that there were some extreme circumstances here (she went to an extreme measure to get tips and make publicity for herself on talks shows like Howard Stern, plus because of the size of the implants she was going to have them removed when she retired from dancing.) but it is an interesting case of ”if you can prove a business purpose, it is probably deductible.” For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa