Truck Driver Not Entitled to Deduct Meal and Supply Expenses

Truck drivers are an essential part of our economy, transporting goods across the country to keep businesses running smoothly. Trucking expenses can add up quickly. This puts truck driver tax deductions high on the list of concerns for most truckers. Truck driver tax deductions are expenses that can be deducted from taxable income, reducing the…

Truck Driver Not Entitled to Deductions When Records Destroyed

The IRS has a long history of going after truck drivers. There are a number of reasons for this, but, largely it is because of the nature of the expenses that truckers incur. Most truck drivers are small business owners, as they own and operate their own rigs. These small businesses travel, so their expenses…

Defining “Home” for Tax Purposes: It’s Not Always Where You Live

Typically the common definition of terms is used. This helps those who are not lawyers to understand and follow the law. But there are instances where the legal definition of a common term differs from the common understanding of what the term means. The tax law has several of these. When it comes to taxes,…

Navigating the Deductibility of Investment Advisory Fees for Trusts

Deducting Investment Advisor Fees Paid By Trusts

The tax treatment of investment advisory fees paid by trusts has become a hotly debated topic in recent years. The conflicting decisions of various circuit courts of appeals have led to discrepancies in tax treatment across different jurisdictions. While some courts have ruled that investment advisory fees paid by trusts are subject to the same…