Did you know that if you host a picnic for your employees and their families that the IRS will pick up the tab in the way of a business tax deduction? Entertainment costs for your business are tax deductible. Most of these expenses come in the form of 50 percent. For example, if you take […]
Entertainment costs are often one of the most commonly looked at business expenses on tax forms. The tax laws have changed in regard to which and how much entertainment deduction can be taken. It used to be that a full 100 percent of your entertainment costs related to your business were deductible. That changed a […]
Since most people that are audited because of missing records, not because of dishonesty, the key to avoiding the tax man is to have organized, efficient systems to keep your business income in check.
Here’s a solution for you. Separate all of your documentation by categories. You may want to consider categories for advertising, travel, auto […]
Those consider capital expenses are wondering, how do I know if something falls under a capital expense or a current expense?
It is a perplexing consideration. Under tax law, anything that will help you to generate a business income over several years is considered a capital expense. For example, if you invest in a copier for […]
Business travel expenses are one of the most looked at by the IRS. Deductions in these expenses are just fine, in most business travel cases. But, what if you want to take your family along with you? Perhaps you have a business trip in New York and the family wants to spend a few days […]
We all start out the year determined to keep a notebook in our car to write down all the mileage associated with visits to clients or attendance important meetings. By thend of the month, we’ve been too busy to keep up with it. It is important to maintain records as they will allow valuable deductions […]
Small business has many benefits when it comes to the world of tax. Software programs along with other subscriptions that you have associated with your business DO apply as deductions as they are part of your business expenses.
Originally, the cost of software and other such subscriptions could only be deducted by depreciating the cost over […]