Gray Area Tax Deductions: If Your Business Needs It - Why Is It A Gray Area Deduction?

This week, I’ve been inundated with clients asking about Gray Area Tax Deductions. What?

It appears my local competitor has determined that certain business deductions are “gray area” and won’t risk a red flag from IRS to take the deductions. And I’m still sitting back asking myself what-the-heck?

If you need to make a purchase for your business, it’s an authentic need, you purchased the item, you are using the item, and you have a receipt - how is it a “gray area deduction“?

Some of these so called, gray area deductions were listed as:

• Calculators (because the client has a computer)
• Daytimer (because the client could use the computer)
• Coffee Grinder (ground coffee is cheaper)
• Television (used for training videos in the office - considered ‘entertainment’)
• Business Cards (because client changed addresses and needed to replace them)
• Communications Networks (because they’re ‘excessive’)
• Digital Cameras (because they can be used for personal use)

Article Source: http://www.content.onlypunjab.com

Jan Verhoeff manages a local Tax Office for clients, but answers questions nationwide. Her Tax Consultations are reasonably priced and solve many of your Tax Issues. If you wish to file online, do so with the assurance that you can ask a real person a real question. Contact her through her website at brandyourmarket.com/tax.htm for more information.

Please Rate this Article

5 out of 54 out of 53 out of 52 out of 51 out of 5 

Not yet Rated