Kostecke CPA

All posts tagged deductions

The American Opportunity Tax CreditThe American Opportunity Tax Credit, or AOTC, is the best way you can recoup some of your investment in your family’s education. You can get up to $2500 in tax credits if you qualify.

Qualifying for the American Opportunity Tax Credit

Here are the qualifications: Read more


The clothing tax deductionI often hear from clients that they had to buy special clothes – could be a business suit for interviewing, or nice pants/shirts/shoes, etc., that they only wear at work. They want to deduct these costs as business expenses; taking advantage of whatever clothing tax deduction that is allowable by the IRS. Most of the time, these deductions are not Read more


Your tax preparation checklist can save you time and a lot of griefLast year at around this time I provided some tips on how to save money on your taxes after December 31st. This article is also about saving you money and quite possibly a bit of time.

Perhaps you have just received your 47-page tax organizer in the mail Read more


Are business gifts and awards deductibleMany entrepreneurs and small businesses are not aware of the tax implications of gifts given to employees, customers and business associates or awards given to employees. There are some specific limits and rules around gifts and awards that you should understand. First, you can deduct gifts to customers, clients and business associates, but you are limited to $25 Read more


Self-Employment TaxCompany picnics, parties and other events can be tax deductible, provided you have good documentation and understanding of the rules for tax deductible expenses.

Companies throw parties for different reasons. Sometimes it is primarily as a morale booster for employees Read more


what can i deduct from my taxesWhat meals are tax deductible business expenses? For most types of businesses and circumstances, the deduction is equal to half the cost when the purpose is clearly for business. Read more


Can I deduct my car?There are a lot of misunderstandings about deducting your car or truck expenses for business, so it’s important to understand how you do this properly without taking too much or too little as a deduction on your tax return.  To this set of frequently asked questions, here are six guidelines on taking mileage and depreciation that you Read more


Tax planning before filing your 2013 taxesIf you haven’t filed yet, here are four reason for doing some tax planning before filing your 2013 taxes.  For 2013’s taxes, there are new tax brackets, taxes, and phaseout limits that make tax planning even more important, as follows: Read more


Saving money on your taxesIf you are a procrastinator when it comes to tax planning, you are still in luck.  Saving money on your taxes is not too difficult if you happen to have good accounting practices and you keep current with changes to the tax code. Read more


Tax Complexities for Married Same-Sex Couples in WisconsinIn June 2013, the Supreme Court ruled Section 3 of the Defense of Marriage Act unconstitutional. Section 3 limited the definition of marriage to couples of the opposite sex. This change has broad impact on the tax code and on eligibility for certain employee and retiree benefits. The IRS has just begun to set up the rules Read more