Can deductions be had on your hobby farm?
While you urbanites are busy chasing the idyllic dream of a smallholding you might be subject to some name-calling – hobby farmer, part time cocky, tree changer – that doesn’t mean that you aren’t entitled to some of the same tax deductions available to bone fide primary producers.
With the proliferation of such “hobby farms”, as well as jokes about their skill at growing fruit and raising rabbits, this became a vehicle to offset what, in essence,
Allowances and Reimbursements: Not the same thing
There appears to be a level of confusion about what an allowance is and what a reimbursement is. People sometimes don’t make a distinction or get it wrong entirely and sometimes this is even propagated by the company themselves. This is generally because the business will benefit from your confusion by not having to cover some of your business-costs.
Get the Most Out of Your Rental Property Deduction Claims
Owning a rental property can be an excellent source of primary or secondary income, but the taxes involved in this business can be steep. For that reason, many people look for any possible deductions from their rental property, but the literature out there can be contradictory and difficult to follow. Below are some of basic guidelines for claiming rental property expenses when tax time rolls around.
Can I Claim Home to Work Travel as a Deduction?
Can I Claim Home to Work Travel As a Deduction? It seems that everyone is looking for ways to find those extra few deduction dollars these days, and one of the most popular places where people look for opportunities is in their travel expenses. Now, as travel expenses can be quite costly, given the price of gas these days, it is natural to try and claim back some of those travel expenses between home and work. However, there are quite a few details you should be aware of before you start claiming deductions to make sure that you stay on the right side of the law.