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Advertising on car, deduct the car – NO; to get tax
deductions related to your automobile, you must drive
for business, a charitable concern, or medical
purposes.
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Life insurance premiums are not deductible.
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Homeowner’s association fees are NOT deductible, unless
you use a portion of your home as a “home office” for
your business.
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Personal credit card interest is NOT deductible.
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With moving expenses, only the cost of moving your
goods and personal effects is deductible, and the move
must be due to a job change for the moving expense to
be deductible.
-
Losses inside
IRAs or
401(k)s, etc., are NOT deductible.
-
Sewer, trash, and garbage collection fees are not
“property taxes” and NOT deductible.
-
The cost of using personally or consuming a product to
try it out, because you are going to sell it, is not
deductible.
Joe
Learn more about
Joe DePetris, Jr., and IBO tax return preparation
and tax issues at
IBO Bookkeeping 101.
Find more
Tax Tips for IBOs from Joe DePetris, Jr., CPA.
This article is provided as an
educational resource for your guidance, and is
strictly informational. It does not constitute
legal, accounting, or other professional
counsel. Nothing included herein implies a
recommendation by the author, the
IBOA International, or
Amway North America, of any course or method of
regulatory compliance. Readers and users who
intend to take, or refrain from taking, any
action based on information contained herein
should first consult with their qualified tax
advisor, preferably a C.P.A., or appropriate
regulatory authorities.
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