Individual Income Tax Deductions

TOPICS / INDIVIDUALS

October 1, 2007

Opportunities to Claim Health Care Expenses as Deductions

Editor: Joel E. Ackerman, CPA, MST It is common knowledge that taxpayers may deduct qualified medical expenses for themselves and their dependent children. There are, however, other opportunities to deduct medical expenses that are not so widely known. One of those is the deduction of medical expenses that a taxpayer

August 1, 2007

New Ruling Expands Definition of “North American Area” for Attendance at Foreign Conventions

Editor: Anthony S. Bakale, CPA, M.Tax. Sec. 274(h) limits deductions for expenses incurred while attending a convention, seminar or similar meeting held outside the “North American area.” Generally, no deduction is permitted under Sec. 162 for expenses allocable to such a meeting, unless the taxpayer can establish that they are

August 1, 2007

Rules Governing Lodging Away from Home Will Be Liberalized

The IRS and Treasury intend to amend regulations under Sec. 262, relating to the deductibility of lodging expenses. Background Sec. 162(a) allows as a deduction all the ordinary and necessary business expenses paid or incurred during the tax year in carrying on any trade or business. Sec. 162(a)(2) provides that