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Resources for Accountants

Can You Write off a Pool on Your Taxes? [Video]

Can You Write off a Pool on Your Taxes?

Can you get a tax deduction for putting in a swimming pool at your home?

Generally, no. A pool is a nondeductible personal expense; it’s intended for recreation.

However, the costs of building and maintaining a pool can be deductible under § 213 of the tax code if the primary purpose of the pool is directly related to medical care.

In 1983, a taxpayer successfully deducted the cost of a swimming pool in the court case Cherry v. Commissioner.

In that case, the taxpayer was diagnosed with emphysema and told by his doctor to get exercise.

But the taxpayer didn’t immediately build a pool.

He first tried several types of exercise, but found that swimming worked best.

He then found a community pool, but it wasn’t open during the hours he was off work.

Only then did the taxpayer build a pool.

Specifically, he built a new house with an indoor pool so he could use it for exercise year-round.

And he primarily used the pool for medical reasons; he wasn’t having pool parties every week.

Even with all this, the IRS still fought him on the deduction because it said the pool wasn’t equipped with special medical equipment.

But the taxpayer prevailed in court, because he showed there were no feasible alternatives for him to improve his health.

Thus, he was able to deduct the pool as a medical expense under § 213.


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Categories
Resources for Accountants

What is material to the financial statements? [Video]

Jenny will help you "close the GAAP" on what is material to the financial statements. Check out her quick video explanation here! If you are interested in learning more, explore our eLearning courses on our GAAP Dynamics Learning Library: Cybersecurity: Financial Reporting Issues and SEC Disclosures: https://www.gaapdynamics.com/product/cybersecurity-financial-reporting-issues-and-sec-disclosures/ Audit Planning and Materiality: https://revolution.gaapdynamics.com/learn/courses/546/audit-planning-and-materiality

Categories
Resources for Accountants

Accountant or Bookkeeper? Which Role Is Right for You [Video]

Become a Controller; enroll in the Controller Academy 🚀 https://controller-academy.com/courses/controller-academy This video will be your ultimate guide on the differences But more importantly, I am gonna focus on how you can make high 6 figures with either of these 2 professions So here is our agenda: we'll take a look at the Job responsibilities of both the bookkeeper and the accountant We'll talk about the education requirements And then, I'll tell you How you can earn high 6 figures regardless of whether you chose to be a bookkeeper or an Accountant Time Stamps: 00:00 Intro 00:27 Agenda 00:46 1. Job Responsibilities 02:23 2. Education Requirements 04:07 3. How Accountants Make $100K plus 06:37 4. How Bookkeepers Make $100K plus ----------------------------------- Hang Out with me on social media: 📸 https://www.instagram.com/the_financial_controller/ 📱https://www.tiktok.com/@thefinancialcontroller https://www.linkedin.com/in/bill-hanna-cpa-7653a851/ DISCLAIMER: Links included in this description might be affiliate links. If you happen to purchase a product or service with the links that I provide I may receive a small commission. There is no additional charge to you! Thank you for supporting my channel so I can continue to provide you with free content each week! All views expressed on my channel are mine alone. Not intended as financial or professional advice