Articles Comments

Mom on Dealz » Ask an Accountant » Ask An Accountant-What Can I Not Deduct?

Ask An Accountant-What Can I Not Deduct?

 

Although tax season is over, tax questions arise year round.  My husband is an experienced accountant and will be answering questions sent to me at momondeals@yahoo.com

Question:

What expenses can you not claim on your taxes?

Answer:

The items not deductible are expenses that would not be used to generate a profit.  One example would be groceries.  You could not deduct groceries from a shopping trip that you used to post on your website.  The groceries are a necessary item needed to sustain life, not make a profit.  Commuting mileage cannot be deducted, only the mileage to and from couponing class held outside of your home/office.  Personal expenses and profit distributions are not deductble.  This question is better answered by including what is deductible…epenses directly related to the generation of profit, that are not necessary living expenses

*Please keep in mind this post is for informational purposes only and answers given are very general.  Many things depend on individual circumstances.  Please contact your personal accountant or financial advisor for your particular situation.

photo credit: austinpost.org
This post may contain an affiliate link.
momondealz

Written by

Filed under: Ask an Accountant

Leave a Reply

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

CommentLuv badge