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“Day in and day out, your tax accountant can make or lose you more money than any single person in your life, with the possible exception of your kids.”
~ Harvey Mackay

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10 Tips for Deducting a Disaster Loss

If you suffer damages to your home or personal property, you may be able to deduct the loss on your federal income tax return. If your area receives a federal disaster designation, you may be able to claim the loss sooner.

Ordinarily, a deduction is available only if the loss is major and not covered by insurance or other reimbursement.

Here are 10 tips taxpayers should know about deducting casualty losses:



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Can I Deduct a Loss in My IRA?

The quick answer is, YES if you have a ROTH IRA and NO if you have a Traditional IRA (there is an exception that applies to non-deductible contributions).



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How to Deduct Start-up Costs and Organization Costs

You may elect to deduct up to $5,000 of start-up costs in the year your business begins operations. The $5,000 first-year deduction limit is reduced by the amount of start-up costs exceeding $50,000.



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IRS Meal Allowance

Generally, the cost of meals are considered a personal expense and are not deductible, unless they meet certain IRS rules.



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What Are Travel Expenses?

Travel expenses are defined as:

  • Ordinary and necessary expenses...
  • related to your business, profession, or job...
  • while traveling away from home.

Travel expenses may be deducted by:



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Hiding Assets In An Offshore Account

Offshore accounts have been used to lure taxpayers into scams and schemes. According to the IRS, hiding money or assets in unreported offshore accounts remains on its annual list of tax scams.



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