deductions Archive

TweetShareSharePin0 Shares Over the past few weeks the media has reported on how wealthy taxpayers who own sports teams lower their tax liability by deducting the cost of purchasing a sports team over 15 years. Contrary to claims that deducting the cost of a sports team from taxable income is a “loophole,” such deductions are

TweetShareSharePin0 Shares News Expenses & Deductions By Sally Schreiber, J.D. The IRS released guidance on Thursday explaining when the temporary 100% deduction for restaurant meals is available and when the 50% limitation on the deduction for food and beverages continues to apply for Sec. 274 purposes (Notice 2021-25). Under Sec. 274(n)(1), a deduction for any