#tax-deductions
Maximize tax deductions and reduce your tax liability legally
IRS rules let dead-deal fees become an ordinary Section 165 loss in the year you abandon — if you split investigatory from facilitative costs and prove the end.
Cash for keys pays a tenant to leave voluntarily, often $1,000–$2,500 versus $4,000+ to evict. Here's the agreement, local rules and IRS 1099-MISC.
A charitable gift annuity trades a lump sum for lifetime income plus an IRS deduction — fundable with cash, stock, or a $55,000 IRA QCD.
The IRS presumes a farm is a business if it profits in 3 of 5 years; otherwise nine factors decide. Hobby farms owe tax on income but deduct nothing.
IRS Notice 2026-60 lifts high-low per diem to $329 high-cost and $230 elsewhere from Oct 1, 2026; meal rates stay $86/$74. Update your accountable plan now.
Sand and gravel pits get 5% percentage depletion under IRS rules — compute cost and percentage methods yearly, claim the larger, and mind the 50%-of-income cap.
A 412(e)(3) plan funds pensions through insurance contracts, letting owners in their 50s deduct $100,000+ a year — with IRS-mandated fixed premiums.
Agency 1099s report gross pay with zero withholding — the IRS still wants income tax plus 15.3% self-employment tax. Set aside 25–30% per job.
A US trademark costs $350 per class in USPTO fees; with search, surcharges and an attorney, one class runs $350–$3,500, plus $325 per class in year five.
Small-business gas spend jumped nearly 31% in 2026. Track fuel per mile, split the 72.5¢/76¢ IRS mileage rate, and book fuel surcharges as revenue.
A thrift flip's true cost has five layers: price, prep, mileage, fees, shipping. Track them all, deduct only sold inventory, and reconcile 1099-Ks for the IRS.
The IRS usually limits car-donation deductions to the charity's sale price — Form 1098-C, the $500 threshold, and three FMV exceptions decide yours.
