Dwayne Briscoe's (dbriscoe) Blog

There is never a definitive answer as to when is a “right time” for a business to convert from an LLC to a Subchapter S Corp.  Each business owner(s) must make their own decision, and this information is disseminated to give the participant the necessary tools to make a determination for what’s b...

When determining the home office deduction expense, there are two avenues a taxpayer can pursue but must still have the proper documentation in the event of an audit.Simplified MethodThe simplified method is an alternative to the calculation, allocation, and substantiation of actual expenses. In ...

Can I Have More Than One Business Location?Yes you do have that option, including your home, for a single trade or business or multiple trades or businesses. This is determined by the Principal Place of Business Test:- The relative importance of the activities performed at each place where you co...

Since the pandemic, people have been working from home and given up the idea of a co-working space or on-site office and chosen to utilize the idea an office space in their home. Unfortunately, many people can often fail an audit because they don’t understand the parameters of what the IRS define...

MealsEntertainment expenses are generally nondeductible from 2018 – 2025 due to the Tax Cuts and Jobs Act of 2017.  However, you may continue to deduct 50% of the cost of business meals if you (or an employee) is present and the food or beverages are not considered lavish or extravagant. Food and...

Believe it or not, yes these are deductions that are available to you, which are usually in the form of continuing education offerings that are not normally available in other settings if you ever get requested to defend them in an audit. There’s nothing to say it’s impossible, but you need to be...

Factors Used to Determine Tax Home- If you don’t have a regular place of business or work, use the following to determine your tax home.- You perform part of your business in a designated location of your main home and use it for lodging.- You have living expenses of your main home that you dupli...

For travel expenses to be legitimately deductible, they should be:- Deducted in the event they are related to an actual, established business and not one as you, the taxpayer, hope to develop into a business- What is the actual business purpose of the travel that it can be not only documented but...

So many taxpayers feel that there's no choice if they are assessed a tax penalty because it's the IRS. However, there's always always the opportunity to refuse to disagree with what the assessment is and dispute it if you feel that there were discrepancies that have not been considered or simply ...

The IRS has the power to do what's called a Substitute For Return (SFR) per Internal Revenue Code 6020(b) when taxpayers fail to file tax returns, whether it's a personal or business return, based upon the information that is available with the  IRS such as bank statements, 1099s, W2s, 1098s, etc...