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Can you deduct business travel when it’s combined with a vacation?

Can you deduct business travel when it’s combined with a vacation?

by Capocore Professonal Advisors | May 14, 2018 | Small Business Tax

At this time of year, a summer vacation is on many people’s minds. If you travel for business, combining a business trip with a vacation to offset some of the cost with a tax deduction can sound appealing. But tread carefully, or you might not be eligible for the...
Can you claim your elderly parent as a dependent on your tax return?

Can you claim your elderly parent as a dependent on your tax return?

by Capocore Professonal Advisors | Mar 27, 2018 | Individual Tax Brief

Perhaps. It depends on several factors, such as your parent’s income and how much financial support you provided. If you qualify for the adult-dependent exemption on your 2017 income tax return, you can deduct up to $4,050 per qualifying adult dependent. However, for...
Casualty losses can provide a 2017 deduction, but rules tighten for 2018

Casualty losses can provide a 2017 deduction, but rules tighten for 2018

by Capocore Professonal Advisors | Mar 13, 2018 | Individual Tax Brief

If you suffered damage to your home or personal property last year, you may be able to deduct these “casualty” losses on your 2017 federal income tax return. For 2018 through 2025, however, the Tax Cuts and Jobs Act suspends this deduction except for losses due to an...
What’s your mileage deduction?

What’s your mileage deduction?

by Capocore Professonal Advisors | Feb 27, 2018 | Individual Tax Brief

Individuals can deduct some vehicle-related expenses in certain circumstances. Rather than keeping track of the actual costs, you can use a standard mileage rate to compute your deductions. For 2017, you might be able to deduct miles driven for business, medical,...
Tax deduction for moving costs: 2017 vs. 2018

Tax deduction for moving costs: 2017 vs. 2018

by Capocore Professonal Advisors | Feb 20, 2018 | Individual Tax Brief

If you moved for work-related reasons in 2017, you might be able to deduct some of the costs on your 2017 return — even if you don’t itemize deductions. (Or, if your employer reimbursed you for moving expenses, that reimbursement might be excludable from your income.)...
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Capocore Professional Advisors - 46 W. Shadbolt Ste A Lake Orion, Michigan 48362