July Tax Tips

100% Tax Deduction for Certain M&E Expenses! What can I take as a tax deduction for meals and entertainment? Generally, businesses are limited to deducting 50% of allowable meal and entertainment (M&E) expenses. But certain expenses are 100% deductible, including expenses: For food and beverages furnished at the workplace primarily for employees, Treated as employee…

Short Term Rental of Your Home

Does renting your home make sense for you? We are all aware that Cleveland has become a popular destination of late.  Major motion pictures are being filmed here, we recently had the Rock n’ Roll Hall of Fame Induction Ceremony, and next year brings the RNC convention into town.  This activity is increasing demand for short-term…

April Tax Tips

Make sure you have proper tax substantiation for your 2014 donations. If you don’t meet IRS tax substantiation requirements, your charitable deductions could be denied. To comply, generally you must obtain a contemporaneous written acknowledgment from the charity stating the amount of the donation, whether you received any goods or services in consideration for the…