Posts Tagged ‘Deductions’
Preventing Tax Problems When Employees Travel
Sending employees on business trips is essential for countless companies and can result in tax headaches for both the employer and the employee if the tax regulations are not adhered to. If the rules are followed, the cost of the employee’s travel will be fully deductible to the employer, with the exception of meals, which…
Read MoreA Recipe for Tax Savings: Deductions for Caterers
Do you make amazing lasagna? Can you craft a tasty chicken pot pie? Whatever you specialize in when it comes to culinary creations, there’s a good chance you are spending plenty of money on your ingredients and cooking supplies when preparing meals for others. The good news is that the IRS allows caterers to save…
Read MoreShould I Expense This? Business Expenses vs. Personal Expenses
Even the best-intentioned employees can fall into the trap of mixing business expenses and personal expenses. Business expenses are deductible for federal tax purposes.
Read More What Types of Business Entertainment Events are Deductible?
The good news is that Uncle Sam and the IRS allow small business owners to deduct 50% of meals and entertainment events in which they partake. But some type of business must be conducted before, during, or after these events in order to qualify for this popular – yet often improperly claimed – tax write-off.
Read More Writing Off Your Startup Expenses
Business owners—especially those operating small businesses—may be helped by a tax law allowing them to deduct up to $5,000 of the startup expenses in the first year of the business’s operation.
Read More Don’t Miss Out on These Small Business Write Offs!
It’s that time of year again—tax season! Small business owners everywhere are scrounging around for old receipts and frantically doing paperwork in preparation for tax day, all while keeping up with their regularly scheduled CEO duties.
Read More The Shoulds and Should Nots of Deductions
Working for yourself means you are responsible for your taxes. There’s no employer deducting from your wages as you go. Thus, it’s up to you to keep track of your earnings, and very importantly, understand what you can and cannot write off as a deduction.
Read More Can Business Owners Deduct Holiday Gifts on Their Tax Returns?
With the holiday season in full swing, many of us are in a gift-giving mood. So this begs the question: Does the IRS allow business owners to write off gift expenses as a tax deduction when filing with Uncle Sam?
Read More 5 End-of-Year Tax Tips to Cut Your Taxes Before 2015
With Thanksgiving and the holiday season upon us, it’s easy to get caught up in buying turkeys and finding stocking stuffers for the grandkids. However, it’s also a great time to start thinking about reducing your taxes and planning for April 15th.
Read More How to Help Your Small Business Survive a Tax Audit
If your small business is selected to undergo a tax audit, there are certain steps you can take to ensure that the outcome for your business is positive.
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