If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. It doesn’t explicitly state that you can Read more
Deducting business meal expenses under today’s tax rules
In the course of operating your business, you probably spend time and money “wining and dining” current or potential customers, vendors, and employees. What can you deduct on your tax return for business Read more
Should your small business lease or buy equipment?
Recent changes to federal tax law and accounting rules could affect whether you decide to lease or buy equipment or other fixed assets. Although there’s no universal “right” choice, many businesses Read more
Higher business mileage rate for business miles in 2019
This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business increased by 3.5 cents, to the highest level since 2008. As a result, you Read more
Document your business meal, vehicle, and travel expenses
Meal, vehicle and travel expenses are common deductions for businesses. But if you don’t properly document these expenses, you could find your deductions denied by the IRS. Read more
Be sure repairs to property are actually repairs before deducting
Repairs to tangible property, such as buildings, machinery, equipment or vehicles, can provide businesses a valuable current tax deduction — as long as the repairs weren’t actually Read more
Do you have a deduction for the miles you have driven?
Individuals can deduct some vehicle-related expenses in certain circumstances. Rather than keeping track of the actual costs, you can use a standard mileage rate to compute your deductions. For 2017, you Read more
Meals, entertainment, and transportation curbed under TCJA
Along with tax rate reductions and a new deduction for pass-through qualified business income, the new tax law brings the reduction or elimination of tax deductions for certain business expenses. Two Read more
Tax Cuts and Jobs Act: Key provisions affecting businesses
The recently passed tax reform bill, commonly referred to as the “Tax Cuts and Jobs Act” (TCJA), is the most expansive federal tax legislation since 1986. It includes a multitude of provisions that will Read more
You may be able to deduct this year’s company holiday party.
Many businesses are hosting holiday parties for employees this time of year. It’s a great way to reward your staff for their hard work and have a little fun. And you can probably deduct Read more