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Boat Ownership and
Tax Deductions
By John Alan
Cohan,
Attorney at Law
To what extent can you write
off your participation in boating events as a promotional activity for your
business or profession?
People who maintain Mardi Gras parade horses often
deduct maintenance costs as advertising for their business. Similarly,
a major pizza chain owner deducts the costs of auto racing in events in which
he drives. These are deemed justifiable, albeit unconventional, means of
promoting one’s business or profession, according to Tax Court cases on the
subject...
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Recent Boat Chartering Case
By
John Alan Cohan,
Attorney at Law
A recent Tax Court decision came
down against a correctional officer and his wife, a high school dance
teacher, who were
held not to be engaged in a boat chartering activity for
profit. The case involved Herbert and Paula Meeks of Sacramento,
California...
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How to Handle an IRS Audit
By John Alan
Cohan,
Attorney at Law
Excessive
business deductions by owners and breeders of horses, livestock or general
farmers--or in other businesses activities--
can be a red flag that triggers
IRS audits....
click for more.
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