Site Updated Each Tax Year
A tax loophole is "something that benefits the other guy. If it benefits you, it is tax reform."
~ Russell B. Long, U.S. Senator
The quick answer is, YES if you have a ROTH IRA and NO if you have a Traditional IRA (there is an exception that applies to non-deductible contributions).
You may elect to deduct up to $5,000 of start-up costs in the year your business begins operations. The $5,000 first-year deduction limit is reduced by the amount of start-up costs exceeding $50,000.
Generally, the cost of meals are considered a personal expense and are not deductible, unless they meet certain IRS rules.
Offshore accounts have been used to lure taxpayers into scams and schemes. According to the IRS, hiding money or assets in unreported offshore accounts remains on its annual list of tax scams.
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Have an accounting or bookkeeping question? Email it to me.