Safe Harbor Method for Determining a Wagering Gain or Loss from Slot Machine Play Notice 2015-21

Section 61.– Gross Income Defined 26 CFR 1.61-1: Gross Income. (Also § 165; 1.165-10) Safe Harbor Method for Determining a Wagering Gain or Loss from Slot Machine Play Notice 2015-21

This notice provides a proposed revenue procedure that, if finalized, will provide an optional safe harbor method for individual taxpayers to determine a wagering gain or loss from certain slot machine play. Section 61 of the Internal Revenue Code provides that gross income means all income from whatever source derived. See also § 1.61-1 of the Income Tax Regulations. Gains from wagering transactions are included in gross income. See Rev. Rul. 54-339, 1954-2 C.B. 89. Neither the statute nor the regulations define the term “transactions.” Gross income from a slot machine wagering transaction is determined on a session basis. See Shollenberger v. Commissioner, T.C. Memo. 2009-306 (2009); LaPlante v. Commissioner, T.C. Memo. 2009-226 (2009). Section 165(d) provides that losses from wagering transactions are allowed only to the extent of the gains from such transactions. See also § 1.165-10 of the Income Tax Regulations. But see § 873(a) (for a nonresident alien individual, deductions are allowed only to the extent that they are connected with income that is effectively connected with the conduct of a trade or business within the United States). The Internal Revenue Service (Service) and the Treasury Department are aware that determining the amount of a wagering gain or loss 2 from slot machine play is burdensome for taxpayers and sometimes creates controversy between taxpayers and the Service. See, e.g., Shollenberger, supra; LaPlante, supra; Kochevar v. Commissioner, T.C. Memo. 1995-607 (1995). This controversy is complicated by changes in gambling technology. The increased use of electronic gambling, with the development of player’s cards and tickets, has curtailed the redemption of tokens by slot machine players. To reduce the burden on taxpayers, this proposed revenue procedure, if finalized, will provide an optional safe harbor method for determining what constitutes a session of play for purposes of calculating wagering gains or losses from electronically tracked slot machine play under § 61. The proposed revenue procedure describes the circumstances in which the safe harbor method can be used and provides examples of its application. Use of the safe harbor method will not relieve taxpayers of the requirement to maintain records that substantiate any items reported on their income tax returns. See § 6001; Rev. Proc. 77-29, 1977-2 C.B. 538. This proposed revenue procedure does not address how the separate transactions determined under the safe harbor are taken into account in determining total gain or loss for a taxable year. See Shollenberger, supra (gambling losses are allowable, if at all, as itemized deductions in calculating taxable income). In particular, this revenue procedure does not permit gains or losses from separate sessions to be netted against each other to determine gain or loss for a taxable year. In addition, this safe harbor method applies only to wagering gains and losses; it does not apply to nonwagering expenses related to gambling. See Mayo v. Commissioner, 136 T.C. 81 (2011), acq., 2012-3 I.R.B. 285, action on dec., 2011-06 (Dec. 21, 2011) (section 165(d) 3 does not limit deductions for expenses incurred to engage in the trade or business of gambling). The Service and the Treasury Department request comments from the public regarding the optional safe harbor method under this proposed revenue procedure. In particular, we request comments regarding: (1) alternative definitions for the term “slot machine;” (2) whether an interruption in play, such as leaving the gaming area for over 15 minutes, should affect the determination of what constitutes a single session of play; (3) whether a session of play should be based on a period other than a calendar day (making adjustments when necessary to accommodate the end of a taxpayer’s year on December 31st); (4) whether the definition of a single session of play should be determined by other factors, such as the duration of a trip or by each slot machine played (comments should include an explanation of the benefits and drawbacks of the proposed method); (5) whether the safe harbor should include payouts in the form of merchandise and bonus rewards; (6) whether the topic is appropriate for the Industry Issue Resolution (IIR) program described in Rev. Proc. 2003-36, 2003-1 C.B. 859; (7) whether a safe harbor method to determine a wagering gain or loss should be developed for other forms of gambling, including, but not limited to, keno, table games, and pari-mutuel wagers (comments should include the form of gambling, a description of the proposed safe harbor method, and an explanation of the benefits and drawbacks of the proposed method); and (8) whether any aspects of the optional safe harbor pose problems of administrability for stakeholders (including whether the issues and possible modifications on which comments are requested would pose problems for sound tax administration).4 Comments must be submitted by June 1st, 2015. Comments, identified by Notice 2015-21, may be sent by one of the following methods: • By Mail: Internal Revenue Service Attn: CC:PA:LPD:PR (Notice 2015-21) Room 5203 P.O. Box 7602 Ben Franklin Station Washington, D.C. 20044 • By Hand or Courier Delivery: Submissions may be hand-delivered Monday through Friday between the hours of 8 a.m. and 4 p.m. to: Courier’s Desk Internal Revenue Service Attn: CC:PA:LPD:PR (Notice 2015-21) 1111 Constitution Avenue, N.W. Washington, D.C. 20224 • Electronic: Alternatively, persons may submit comments electronically to Notice.Comments@irscounsel.treas.gov. Please include “Notice 2015-21” in the subject line of any electronic communications. All submissions will be available for public inspection and copying in Room 1621, 1111 Constitution Avenue, N.W., Washington, D.C., from 9 a.m. to 4 p.m.

PROPOSED REVENUE PROCEDURE

SECTION 1. PURPOSE
This revenue procedure provides an optional safe harbor method for taxpayers to determine a wagering gain or loss from certain slot machine play.

SECTION 2. BACKGROUND
5 .01 Section 61 of the Internal Revenue Code provides that gross income means all income from whatever source derived. See also § 1.61-1 of the Income Tax Regulations. Wagering gains are included in gross income. See Rev. Rul. 54-339, 1954-2 C.B. 89. .02 Section 165(a) allows a deduction for any loss sustained during the taxable year and not compensated for by insurance or otherwise. .03 Section 165(d) provides that losses from wagering transactions are allowed only to the extent of the gains from such transactions. .04 Section 1.165-10 of the Income Tax Regulations provides that losses sustained during the taxable year on wagering transactions are allowed as a deduction but only to the extent of the gains during the taxable year from the transactions. .05 Gross income from a wagering transaction is calculated by subtracting wagers placed to produce the payouts from the payouts as a preliminary step in determining gross income. See Rev. Rul. 83-130, 1983-2 C.B. 148. .06 Gross income from a slot machine wagering transaction is determined on a session basis. See Shollenberger v. Commissioner, T.C. Memo 2009-306 (2009); LaPlante v. Commissioner, T.C. Memo. 2009-226 (2009). Determining whether a series of wagers is a “session” requires analyzing the relevant facts and circumstances and can present practical difficulties. Shollenberger, supra.

SECTION 3. DEFINITIONS
The following definitions apply solely for purposes of this proposed revenue procedure. .01 Slot Machine. “Slot machine” means a device that, by application of the element of chance, may deliver, or entitle the person playing or operating the device to receive 6 cash, premiums, merchandise, or tokens whether or not the device is operated by insertion of a coin, token, or similar object. .02 Payout. “Payout” means the amount, if any, payable to the taxpayer as a result of a wager placed by the taxpayer. .03 Electronically Tracked Slot Machine Play. The term “electronically tracked slot machine play” means slot machine play using an electronic player system that is controlled by the gaming establishment (such as through the use of a player’s card or similar system) and that records the amount a specific individual won and wagered on slot machine play. .04 Session of Play. A session of play begins when a patron places the first wager on a particular type of game and ends when the same patron completes his or her last wager on the same type of game before the end of the same calendar day. For purposes of this section, the time is determined by the time zone of the location where the patron places the wager. A session of play is always determined with reference to a calendar day (24-hour period from 12:00 a.m. through 11:59 p.m.) and ends no later than the end of that calendar day.

SECTION 4. SCOPE
This revenue procedure applies to individual taxpayers who engage in electronically tracked slot machine play.

SECTION 5. APPLICATION
The Service will not challenge a taxpayer’s use of the definition of a session of play set forth in section 3.04 of this revenue procedure in calculating a wagering gain or wagering loss from electronically tracked slot machine play provided that the taxpayer 7 complies with the provisions of section 6.01 through section 6.04 of this revenue procedure.

SECTION 6. DETERMINING GAIN OR LOSS IN A SESSION OF PLAY
.01 A taxpayer determines a wagering gain or loss from electronically tracked slot machine play at the end of a single session of play (as defined in section 3.04) as follows: (1) A taxpayer recognizes a wagering gain if, at the end of a single session of play, the total dollar amount of payouts from electronically tracked slot machine play during that session exceeds the total dollar amount of wagers placed by the taxpayer on electronically tracked slot machine play during that session; (2) A taxpayer recognizes a wagering loss if, at the end of a single session of play, the total dollar amount of wagers placed by the taxpayer on electronically tracked slot machine play exceeds the total dollar amount of payouts from electronically tracked slot machine play during that session. .02 A taxpayer must use the same session of play if the taxpayer stops and then resumes electronically tracked slot machine play within a single gaming establishment during the same calendar day. .03 If a taxpayer uses the definition of a session of play set forth in section 3.04 for any day in a calendar year at a particular gaming establishment, the taxpayer must use that definition for all electronically tracked slot machine play during the taxable year at that same gaming establishment. .04 If, after engaging in slot machine play at one gaming establishment, a taxpayer leaves that establishment and begins electronically tracked slot machine play at another 8 gaming establishment, a separate session of play begins at the second establishment, even if played within the same calendar day as the first. .05 Examples. In each example below, the taxpayer uses the safe harbor method provided by this revenue procedure for all electronically tracked slot machine play for the calendar year and can properly substantiate all wagering gains and losses pursuant to § 6001. In addition, in each example below, the taxpayer complies with the requirements of sections 6.02 and 6.03 to use the session of play definition set forth in section 3.04 consistently for electronic play over the course of a day and over the course of separate sessions during the taxable year. Example 1. A taxpayer engages in electronically tracked slot machine play at X, a casino, by using a player’s card. On January 1, the taxpayer plays slot machines at X, for the first time that day, from 3:00 p.m. to 5:00 p.m. At 6:00 p.m., the taxpayer leaves X for dinner. Later that day, the taxpayer returns to X and plays slot machines from 10:00 p.m. to 11:59 p.m. The play at X from 3:00 p.m. to 5:00 p.m. and from 10:00 p.m. to 11:59 p.m. is a single session of play on January 1. Example 2. Assume the same facts as in Example 1, except that the taxpayer plays from 10 p.m. to 2 a.m. The play from 3 p.m. to 5 p.m. and the play from 10 p.m. through 11:59 p.m. constitute a single session of play. The play from 12:00 midnight to 2 a.m. is another session of play on January 2nd. Example 3. Assume the same facts as in Example 1, except that the taxpayer goes to another casino, Y, to engage in electronically tracked slot machine play from 7:00 p.m. to 8:00 p.m. The taxpayer has 2 separate sessions of play on January 1: (1) one session of play from 3:00 p.m. to 5:00 p.m. and 10:00 p.m. to 11:59 p.m. at X, and (2) 9 another session of play from 7:00 p.m. to 8:00 p.m. at Y. Example 4. On January 1, at 3:00 p.m., the taxpayer starts electronically tracked slot machine play at X for the first time that day. At 5:00 p.m., the taxpayer finishes slot machine play for that day and has payouts in excess of wagers of $300. For the single session of play on January 1, the taxpayer has gambling winnings of $300. Example 5. Assume the same facts as in Example 4, except that at 5:00 p.m., the taxpayer leaves the premises of X to eat dinner at a nearby restaurant. At 8:00 p.m., the taxpayer returns to the premises of X for more slot machine play. The taxpayer places wagers until 11:00 p.m. During the period from 8:00 p.m. until 11:00 p.m., the taxpayer’s wagers placed on electronically tracked slot machine play exceeded the total dollar amount of payouts from electronically tracked slot machine play earned by the taxpayer by $75. The taxpayer’s wagering gain for the single session of play at X is $225, the extent to which his payouts from electronically tracked slot machine play during that session exceeds the dollar amount of wagers from electronically tracked slot machine play. Example 6. Assume the same facts as in Example 4, except the taxpayer goes to another area of X and from 5:15 p.m. to 7:00 p.m., engages in additional slot machine play that is not electronically tracked. This revenue procedure applies only to electronically tracked slot machine play (the session from 3:00 p.m. to 5:00 p.m.). Therefore, the taxpayer cannot include the slot machine play from 5:15 p.m. to 7:00 p.m. in the session of play for January 1. Example 7. Assume the same facts as in Example 4, except that, three months later on April 1, the taxpayer returns to X for slot machine play, and begins electronically tracked 10 slot machine play at 6:00 p.m. For the slot machine play on April 1, section 6.03 of this revenue procedure requires the taxpayer to use a session of play that runs from 6:00 p.m. up through 11:59 p.m. (or earlier in that calendar day, if his play ends earlier).

SECTION 7. PROCEDURE
To use this revenue procedure, a taxpayer must write “Revenue Procedure 2015-X” on Line 21 of the Form 1040, U.S. Individual Tax Return. A nonresident alien who is a non-professional gambler must write “Revenue Procedure 2015-X” on line 10, if a resident of Canada, or on line 11, if not a resident of Canada, on Schedule NEC of the Form 1040NR. A nonresident alien who is a professional gambler and uses this Revenue Procedure must write “Revenue Procedure 2015-X” on line 21 of the Form 1040NR.

SECTION 8. EFFECTIVE DATE
This revenue procedure is effective for taxable years ending on or after [insert date of publication of final revenue procedure], except for section 7, which will be effective no earlier than taxable years beginning on or after January 1, 2016.

DRAFTING INFORMATION The principal authors of this notice are Amy S. Wei and Renay France of the Office of Associate Chief Counsel (Income Tax & Accounting). For further information regarding this notice contact Renay France at (202) 317-7003 (not a toll-free call).

New Legislation Extends Popular Tax Provisions

In one of its final actions, the 113th Congress passed the Tax Increase Prevention Act of 2014. This legislation extends for one year a host of popular tax provisions (commonly referred to as “tax extenders”) that had expired at the end of 2013. The President is expected to sign the legislation. All of the following provisions were among those retroactively extended, and are now effective through the end of 2014.

 

Deduction for qualified higher-education expenses

You may be entitled to a deduction if you paid qualified higher-education expenses during the year–this includes tuition and fees (for yourself, your spouse, or a dependent) for enrollment in a degree or certificate program at an accredited post-secondary educational institution. The deduction doesn’t include payments for meals, lodging, insurance, transportation, or other living expenses. The maximum deduction is generally $4,000. However, if your adjusted gross income (AGI) exceeds $65,000 ($130,000 if married filing jointly), your maximum deduction is limited to $2,000; if your AGI is greater than $80,000 ($160,000 if married filing jointly), you can’t claim the deduction at all.

 

Deduction for classroom expenses paid by educators

If you’re an educator, you may be able to claim up to $250 of unreimbursed qualified classroom expenses you paid during the year as an “above-the line” deduction. Qualifying expenses can include the cost of books, most supplies, computer equipment, and supplementary materials used in the classroom. Teachers, instructors, counselors, principals, and aides for kindergarten through grade 12 are eligible, provided a minimum number of hours are worked during the school year.

 

Deduction for state and local general sales tax

If you itemize deductions on Schedule A of IRS Form 1040, you can elect to deduct state and local general sales taxes in lieu of the deduction for state and local income taxes. You can calculate the total amount of state and local sales taxes paid by accumulating receipts showing general sales taxes paid, or you can use IRS tables. If you use IRS tables to determine your deduction, in addition to the table amounts you can deduct eligible general sales taxes paid on cars, boats, and other specified items.

 

Tax-free charitable donations from IRAs

If you’re age 70½ or older, you can make a qualified charitable distribution (QCD) of up to $100,000  from your IRA and exclude the distribution from your gross income. The distribution must be made directly to a qualified charity by December 31, 2014, and must be a distribution that would otherwise be taxable to you. QCDs count toward satisfying any required minimum distributions (RMDs) that you would otherwise have to receive from your IRA, just as if you had received an actual distribution from the plan. You aren’t able to claim a charitable deduction for the QCD on your federal income tax return.

 

Deduction for mortgage insurance premiums

 Premiums paid or accrued for qualified mortgage insurance associated with the acquisition of your main or second home may be treated as deductible qualified residence interest on Schedule A of IRS Form 1040. The amount that would otherwise be allowed as a deduction is reduced if your AGI exceeds $100,000 ($50,000 if married filing separately), and no deduction is allowed if your AGI exceeds $109,000 ($54,500 if married filing separately).

 

Bonus depreciation

You may be able to claim an additional first-year “bonus” depreciation deduction, equal to 50% of the adjusted basis of qualified property placed in service during the year. The additional first-year depreciation deduction is allowed for both regular tax and the alternative minimum tax.  The basis of the property and the regular depreciation allowances in the year the property is placed in service (and later years) are adjusted accordingly.

 

Expanded IRC Section 179 expensing limits

 Under IRC Section 179, if you’re a small-business owner you can generally elect to expense the cost of qualifying property, rather than to recover such costs through depreciation deductions. The maximum amount that can be expensed for 2014 now remains at $500,000 (the same limit that applied in 2013), rather than dropping to $25,000 had the legislation not passed. The $500,000 limit is reduced by the amount by which the cost of qualifying property placed in service during the taxable year exceeds $2,000,000.

 

Exclusion of gain–qualified small-business stock

 Generally, you’re able to exclude 50% of any capital gain from the sale or exchange of qualified small-business stock provided that certain requirements, including a five-year holding period, are met. However, the temporary increase of the exclusion percentage to 100% that applied in 2013 is now extended to qualified small-business stock issued and acquired in 2014.

 

Other provisions extended

 Other provisions extended by the legislation include:

The ability to exclude from income the discharge of debt associated with a qualified principal residence

  • Provisions related to employer-provided mass-transit benefits
  • Special rules for qualified conservation contributions of capital gain real property
  • Provisions relating to business tax credits, including the research credit and the work opportunity tax credit

IMPORTANT DISCLOSURESBroadridge Investor Communication Solutions, Inc. does not provide investment, tax, or legal advice. The information presented here is not specific to any individual’s personal circumstances.To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law.  Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials.  The information in these materials may change at any time and without notice.

Save Twice with the Saver’s Credit

If you are a low-to-moderate income worker, you can take steps now to save two ways for the same amount. With the saver’s credit you can save for your retirement and save on your taxes with a special tax credit. Here are six tips you should know about this credit:

1. Save for retirement. The formal name of the saver’s credit is the retirement savings contributions credit. You may be able to claim this tax credit in addition to any other tax savings that also apply. The saver’s credit helps offset part of the first $2,000 you voluntarily save for your retirement. This includes amounts you contribute to IRAs, 401(k) plans and similar workplace plans.

2. Save on taxes. The saver’s credit can increase your refund or reduce the tax you owe. The maximum credit is $1,000, or $2,000 for married couples. The credit you receive is often much less, due in part because of the deductions and other credits you may claim.

3. Income limits. Income limits vary based on your filing status. You may be able to claim the saver’s credit if you’re a:

• Married couple filing jointly with income up to $60,000 in 2014 or $61,000 in 2015.

• Head of Household with income up to $45,000 in 2014 or $45,750 in 2015.

• Married person filing separately or single with income up to $30,000 in 2014 or $30,500 in 2015.

4. When to contribute. If you’re eligible you still have time to contribute and get the saver’s credit on your 2014 tax return. You have until April 15, 2015, to set up a new IRA or add money to an existing IRA for 2014. You must make an elective deferral (contribution) by the end of the year to a 401(k) plan or similar workplace program.

If you can’t set aside money for this year you may want to schedule your 2015 contributions soon so your employer can begin withholding them in January.

5. Special rules apply. Other special rules that apply to the credit include:

• You must be at least 18 years of age.

• You can’t have been a full-time student in 2014.

• Another person can’t claim you as a dependent on their tax return.

6. You figure your credit amount based on your filing status, adjusted gross income, tax liability and the amount of your qualified contribution. Other rules also apply. For more information on this or other tax questions, contact Ron Wilburn, CPA at (918) 212-9950.

Summertime Strategies for Your Business

Summer is a great time of year for most businesses to pause for just a little while to take stock, congratulate yourself on what you’ve accomplished so far this year, and make big plans for your future.  Here are five summertime strategies to help you regroup, reassess, and rejuvenate your business.

 

1-     Mid-Year Review

 

If your business runs by the calendar year, 2014 is already half over.  This is a perfect time to stop and reflect where you’ve been, what you’ve accomplished, and where you want to go next.  You can make this process as informal or formal as you want.  Some firms hold complex retreats; you may simply need some quiet time on a weekend where all your family is busy doing something else.

 

If you’ve never done any planning and feel like you need a guide, consider the book, The One-Page Business Plan written by Jim Horan.

 

2-     Take a Vacation

 

There’s nothing better to rekindle your creative juices than to get away from the business for a while.  Summertime is when most people take vacation, so if your business is not having its busy season, this might be a good time to go away for a while.

 

If you’re anxious about being away from your business, you’re not alone.  In your annual planning process, plan for and block out your vacation time way ahead of time.  Book the reservations with no refunds several months in advance so that you won’t chicken out at the last minute.  There is life beyond your business, and you will be a better business owner when you take regular breaks away.

 

3-     Celebrate

 

Take time to pat yourself on the back and congratulate the people around you for the goals you’ve reached and the efforts your team has made on your behalf.  We all could use more praise and more celebrations in our lives.  Perhaps you can organize a party, or if you are not the partying type, a quiet word individually with your team can go a long way, maybe more than you know.

 

4-     Prune Your Projects    

 

Is your plate too full?  Most of us would say “yes” to that question, so the next step is to ask yourself what you can afford to stop doing that doesn’t make sense.  Is there a project or two that can wait?  If so, decide to stop stressing about not getting it done and give yourself permission to put it on the back burner for now.

 

5-     Focus

 

Ask yourself what one thing you could do today that will make all the difference in your profits, revenues, goals, or simply peace of mind.  And get that thing done.

 

Try these five summertime tips to rejuvenate your business.

Does Your Small Business Need a CRM?

Have you ever stayed at a hotel and then returned, finding that they have stocked your room with everything you asked for the last time you were here?  Your special allergenic pillow was already waiting for you, you were asked if you would like a dinner reservation made just like you always do the first night, and there were even extra hangars because you always need extra hangars.  None of this would be possible for the hotel if it didn’t have a CRM, customer relationship management, system in place.

 

Would your clients be impressed if you remembered all of the details about your last conversation, their last purchase, or their preferences?  If so, your business might benefit from a CRM system.

 

Businesses that have more than 30 or so clients may benefit from a system that allows you and your employees to enter detailed information about each client interaction that they have.  It can work for both current and future clients, i.e., prospects.  A CRM is basically a great big customer database at its core.  It contains master file information on a customer or client, such as name, company, address, contact info, and custom fields.  It is also transaction-driven in that you can log activity such as calls, meetings, proposal dates, and more.

 

A good CRM system is also integrated with your other internal systems, such as your accounting or POS system or both.  In some CRM systems, you can see invoice and payment history, so that when a client calls in, you can also peek to see whether they owe you money or what goods they ordered that they may be calling about.

 

There are literally hundreds of CRM systems to choose from.  The gold standard for large companies is SalesForce.com; however, some small businesses use it as well.  SugarCRM is the largest open source CRM, meaning its programming code is available to the public.  ZohoCRM is one of the largest small business CRMs and offers a suite of products for small businesses.  And Act! is also very popular and plays well with social media.

 

Before choosing a CRM, decide what you want it to do and how you will be using it.  One of the most important aspects of profiting from a CRM is to make sure it gets used, and that takes some habit-changing from you and your staff.  Once you have your requirements, you can evaluate the software options available, and choose the one that works best for you.

 

When your clients start talking about how great your service is and how much attention you pay to the details they care about, you’ll know your CRM is paying off for you.

 

ALSO, don’t forget to Subscribe to my newsletter for information to help you make and keep more money.

101+ Small Business Income Tax Deductions

Advertising
Billboard
Brochures /Flyers
Business Cards
Copy Editor Fees
Direct Mall
Email Marketing/Newsletter
Graphic Designer Fees
Internet Ads (Facebook/Google/etc)
Leads/Mailing Lists
Marketing Services
Networking Event Costs
Postcards
Print Ads: Newspapers/Magazine
Promotional Materials
Radio Ads
Signage/Banners
Television Ads
Web Design
Web Hosting & Domain Fees

Continuing Education
Books (Sales Books, Etc)
Continuing Education Seminars
Magazine Subscriptions
Newsletter Subscriptions
Sales Training/Coaching
Textbooks/Reference Books
Trade Publications

Auto
Business Mileage or
Actual Auto Expenses
• Car Washes
• Depreciation/Lease Payments
• Gas
• Insurance
• Interest
• Licenses/Registration
• Maintenance
• Repairs
• Tires
• Parking
• Tolls

Business Travel
Airfare
Car Rental
Dry Cleaning/Laundry (while traveling)
Lodging
Meals
Parking/Tolls
Taxi, Train, Subway, Bus
Tips

Business Meals & Entertainment

Communication
Answering Service
Cell Phone
Fax line / Efax
Internet Service
Office Telephone
Toll Free Number Equipment

Business Equipment
Briefcase
Calculator
Camera
Cell Phone/Smart Phone
Cleaning Equipment (Vacuum)
Equipment Repair
GPS
Hard Drives/Thumb Drives
iPad/Tablet
Laptop
Maps
Printer
Scanner

Employee Wages
Clerical Support
Family Members (Kids/Spouse)
Payroll / Unemployment Taxes
Sales Agents

Insurance
Health
LTC
General Liability
Workers comp

Office or Home Office
Insurance
Mortgage Interest/Rent
Real estate and personal property taxes
Repairs/Maintenance
Security System
Utilities

Office Expenses
Client Refreshments (coffee,water,soda)
Janitorial expenses
Office Furniture
• Desk
• Filing Cabinets
Office Supplies
• Envelopes
• Folders
• Paper
• Pens
• Postage
• Stationary
• Toner/Ink
Office Rent
Online Storage of Business Files
Software

Professional Fees
Association Dues/Fees
• Professional association
• Chamber of commerce
Bank Fees
Bookkeeping Fees
Insurance License
E&O Insurance
Legal fees
CPA / Tax Planning & Preparation

Retirement
Qualified Plans
Defined Benefit Plan
Self Employment Pension {SEP)
Simple lRA
Solo 401k

Start up Expenses
Costs Incurred before going into business.
Costs to setup LLC or Corporation

Fringe Benefits
Section 105 medical expense reimbursement plan
Section 125 cafeteria plan

 

“Stop wasting money on taxes that you don’t have to pay!”
We’re different. We don’t just record history by putting the correct numbers in the correct boxes on your tax return and calling it a day. We help you write history with a complete lineup of court-tested, IRS-approved concepts and strategies to give you the tax savings you really want.
Call (918) 742-2705 for your free “1040 Analysis.” We’ll find the mistakes and missed opportunities that may be costing you thousands, then show you how proactive tax planning can rescue those wasted dollars!

A Guide to Financial Decisions: Implementing an End-of-Life Plan

Financial Decisions Guide

Link to original content on AICPA website – Please use link below to access a guide with our contact information added.

Life can change quite suddenly and unexpectedly.  Decision-making during these stressful and vulnerable times can be difficult and many times the decisions required can have far–reaching impact.   The key is knowing the issues and having a plan in place before the unexpected happens.   This guide helps consumers understand the issues as they prepare to work with their advisors.

Who should read this Guide?
If  you fall into one of the following groups, you will particularly benefit from this guide:

  • Part of the sandwich generation – juggling both older parents and children
  • Pursuing an active retirement lifestyle
  • Have a young family and are concerned about planning for the unexpected
  • Have special needs situations

A Guide to Financial Decisions – Implementing an End of Life Plan

Whether you are currently dealing with the loss of a loved one, or making decisions about an aging parent, or simply want to proactively be ready for the future, this guide will help identify many of the issues, decisions and programs of which you should be aware.

This guide pulls together a wide spectrum of information in a well-organized, easy to read format.   We encourage you to use this information along with the appropriate advisors as you make current decisions or prepare for the future.

For more information on other financial topics, visit the 360 Degrees of Financial Literacy Web site.