presented by Margo Bowman
Which expenses can I deduct on my taxes? What expenses should I avoid claiming? In this course, Margo Bowman answers these and other common questions from massage therapists regarding claiming expenses on their tax returns. The course will begin by providing clear principles on recognizing what constitutes an allowable expense and what does not, and covers pre-audits, as well as allowable deductions that aren’t directly purchased. The course concludes with a question and answer session with a practicing massage therapist to address common questions from students.
Margo Bowman has been a practicing accountant for over fifty-four years, specializing in small business taxation and record keeping. She is a licensed Tax Consultant (LTC) in Oregon & Enrolled Agent (EA) in IRS designation. Margo also is a Licensed Massage Therapist (LMT) in Oregon giving her a unique insight into the needs of the massage therapy industry.
How do you decide what is an allowable expense? In the first chapter of this course, Margo Bowman will teach the participant to recognize allowable expenses that can be reported, and how to rule out un-reportable or erroneous expenses that could increase audit risk.
This chapter tackles the factors the IRS considers during a pre-audit, including important statistics and information that is available outside of your formal tax return.
Not all expenses you can deduct are items you write a check for. This chapter describes situations where expenses do not show up in your bank account, but can still be accounted for when filing your taxes for maximum value.
The final chapter of this course applies the information from the rest of the course. Margo Bowman answers commonly answered questions that she has fielded over the years, and sits down with a practicing massage therapist to discuss concepts from the course.