Yes, a W-2 mechanic can still write off tools, but the rules have changed since the 2018 tax law overhaul. As of now, employees cannot directly deduct tools and other job-related expenses like they could prior to the Tax Cuts and Jobs Act (TCJA) of 2017. However, there are exceptions and workarounds that might still … Read more

Yes, in vitro fertilization (IVF) can be a tax write-off as a medical expense under certain conditions. IVF and other fertility treatments may be deductible if they are considered medically necessary and if your total medical expenses for the year exceed a certain threshold. Here’s a detailed guide on how it works: When You Can … Read more

Yes, you can write off a boat as a business expense, but only under very specific conditions, and the IRS has strict rules about this. If you plan to write off a boat for business purposes, you must prove that the boat is used primarily for business, not personal recreation. Here’s a detailed breakdown of … Read more

Generally, glasses (prescription eyeglasses, contacts, etc.) are not tax-deductible as a personal expense. However, there are exceptions where you may be able to write them off as a medical expense or as a business expense in certain situations. Let’s break it down: When You Can Write Off Glasses: 1. Medical Expense Deduction (For Personal Use): … Read more

Yes, you can write off gifts to clients, but there are strict limits set by the IRS on how much you can deduct. Key Rule: $25 Limit Per Client The IRS allows you to deduct up to $25 per client per year for business gifts. This limit is quite low, so even if you spend … Read more

Yes, you can potentially write off products you review if they are directly related to your business or income-generating activity, such as running a blog, YouTube channel, or a business centered around product reviews. However, this comes with a few important conditions and guidelines to follow. When You Can Write Off Products You Review: The … Read more

In most cases, Homeowners Association (HOA) dues are not tax-deductible for personal residences. However, there are some exceptions where HOA fees can be written off, depending on how you use the property. When You Can’t Deduct HOA Dues: Primary Residence: If the property is your primary or secondary home (for personal use), HOA dues are … Read more

Yes, you can write off a golf membership, but it’s generally tricky and subject to strict rules. The IRS (or similar tax authorities in other countries) typically doesn’t allow deductions for club dues or memberships that are primarily for personal enjoyment, such as a golf or country club. However, there are exceptions if you meet … Read more

Yes, inventory is considered a current asset. In accounting, current assets are resources that a company expects to convert into cash or use up within one year or the normal operating cycle, whichever is longer. Inventory fits into this category because it consists of goods or materials that a company intends to sell, either as … Read more

Yes, New Jersey has what’s commonly referred to as the “Exit Tax,” but it’s not really a tax specifically for leaving the state. Instead, it refers to the requirement for non-residents who sell property in New Jersey to pay an estimated tax on the sale proceeds. What is the Exit Tax? When a non-resident sells … Read more