Magda Abdo-Gomez, Attorney at Law

September 02

Posted By: Magda Abdo-Gomez
Posted In: Tax Deductions
Date: September 2, 2022
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What You Need to Know About Business Travel Deductions

It seems that everyone is traveling these days. You may have decided that the time has come to resume business travel. While it will come as no surprise that the costs of travel have increased drastically, you may be surprised to know that some of your business travel expenses may be deductible. H...

May 03

Posted By: Magda Abdo-Gomez
Posted In: Retirement , Tax Deductions
Date: May 3, 2022
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A Health Savings Account as a Retirement Tool

Due to the high cost of health insurance, many taxpayers find themselves choosing a high deductible plan in an effort to lower their health insurance premium. For those who qualify, a health savings account (HSA) offers a way to pay for medical expenses with tax free dollars. The following informati...

October 01

Posted By: Magda Abdo-Gomez
Posted In: Tax Deductions
Date: October 1, 2021
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- 451

Tax Implications of Hobby Activities

Many taxpayers have hobbies which can generate income. Especially during the pandemic, taxpayers who lost their jobs, or needed additional income started selling handmade items to produce income. But what are the tax implications of hobby activity? The Internal Revenue Code defines gross income as a...

September 01

Posted By: Magda Abdo-Gomez
Posted In: Tax Deductions
Date: September 1, 2021
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- 504

Education Expenses: Exclusions, Deductions and Credits

Students are back in school. For some parents, their students are off to college. While April 2022 seems a long way away, now is the time to determine if you will qualify for tax benefits for your child’s higher education expenses. By making the determination now, you can make sure that you have t...

August 02

Posted By: Magda Abdo-Gomez
Posted In: Tax Deductions , Tax Planning
Date: August 2, 2021
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Tax Ramifications of Selling your Home

With home prices skyrocketing, many homeowners have taken the opportunity to sell their homes in order to cash in on their equity. However, many have not thought about the tax effect of that sale and may be in for an unpleasant surprise when they file their tax return. In the case of a home which [&...

April 09

Posted By: Magda Abdo-Gomez
Posted In: Tax Deductions , Tax Laws - Changes
Date: April 9, 2021
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Changes to Meal Expense Deduction

When the Consolidated Appropriations Act was passed on December 27, 2020 everyone’s focus was on the additional stimulus payment and the extension of many of the credits which had been included in the CARES Act. One provision seems to have gone under the radar, but it affects many who incur expens...

April 01

Posted By: Magda Abdo-Gomez
Posted In: Tax Deductions
Date: April 1, 2021
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Deducting Personal Protection Equipment

The IRS has announced that the cost of personal protective equipment (PPE) such as masks, hand sanitizer and sanitizing wipes is an amount paid for medical care, if the primary purpose of the expense was for the purpose of preventing the spread of COVID. Thus, amounts paid for PPE by an individual t...

March 01

Posted By: Magda Abdo-Gomez
Posted In: Tax Deductions
Date: March 1, 2021
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The Home Office Deduction in Times of COVID

I discussed the availability and requirements of the home office deduction in a previous newsletter. https://magdaabdogomezlaw.com/claiming-home-office-deduction/ The Internal Revenue Service wants those individuals who qualify, to consider taking the home office deduction. The deduction would resul...

November 02

Posted By: Magda Abdo-Gomez
Posted In: Tax Deductions
Date: November 2, 2020
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Meal and Entertainment Deduction

The Tax Cuts and Jobs Act (TCJA) eliminated the deduction for expenses related to activities generally considered entertainment, amusement or recreation incurred after December 31, 2017. Business expenses related to food and beverages may still be deducted if certain requirements are met. Fin...

October 01

Posted By: Magda Abdo-Gomez
Posted In: Tax Deductions
Date: October 1, 2019
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- 898

Claiming a Home Office Deduction

Technology has changed the way people do business. Devices and connectivity allow us to work without actually having to go into the office. Business owners and employees may have the option to work from home. Taxpayers who work from home may be able to claim a home office deduction and reduce their ...