Business owner is using medical expenses as a business expense in lieu of health insurance but I don't think they can personally write off either. Can they write of any of these sort of expenses for themselves?
  1. Hi unfortunately no they can not write off insurance premiums or actual medical expenses on the business books. Now if your client wants to track these expenses ... Read more

It's a new division for a client which they just happened to start leasing uv light units. Most of the hotels are in NYC area, 1 in NJ and 1 in CT. This is a PA based company which its ...
  1. You'll need to do a comprehensive nexus analysis to determine the thresholds for each state and city you are operating in to determine your sales tax liability ... Read more

I refinanced my house, if I have money left over can I use it on something else and still deduct all the interest expense?
  1. Hi there in 2017 the tax law changed, the home equity line of credit referred to as HELOC interest can only be deducted if the funds are used for renovations, w ... Read more

One of my clients recently paid an initial deposit of $100 against vehicle purchase, Should I record it as an advance to Supplier/Vendor initially, and at the time of delivery I need to record Fixed Asset (Vehicle) and deduct the ...
  1. Deposits in most cases are non-refundable. When your client pays the deposit you can record the amount as an "other asset". If by chance the deal falls through ... Read more

A client wants to start offering to cover 100% of health insurance for employees, are there any tax laws that would not allow the company to write off 100% of the cost?
  1. Hi health insurance coverage paid for by the employer for the employees is 100% deductible as a business expense. There are not any laws that I am aware of that ... Read more

Client held an event and catered food for said event. Is the entire catering bill deductible or only 50%. This was a marketing event to get new clients.
  1. Hi there, meals for marketing purposes are 100% deductible. Any meals or recreational expenses for advertising and promotional reasons, office snacks provided t ... Read more