The Tax Cuts and Jobs Act eliminated the deduction for any expenses related to activities that used to be considered entertainment, amusement or recreation.
Can you deduct medical and dental expenses? That’s a complicated question. To start with, your deductions must exceed 7.5 percent of your adjusted gross income.
With the New Year, a new accounting standard will go into effect regarding churches, charities, and not-for-profit entities.
Under U.S. Generally Accepted Accounting Principles (GAAP), there are strict rules on when to recognize revenues and expenses.