Tips from Monday, March 30, 2009
The Small Business tips today will cover tax deductions you don't want to miss.
All office supplies can be deducted. These expenditures can offset your taxable business income.
Your car's mileage, lease payments, gas, repairs and insurance are deductible. Remember detailed documentation!
The entire cost of a hotel stay is tax deductible! The entire cost of travel is too! Eating out is only 50% deductible though.
Your business phone expenses are 100% deductible as well. IRS assumes you already have a phone, so tally accordingly!
Daily Overview: Don't cheat on your taxes, but that doesn't mean you should cheat yourself. Take every deduction you can.
I am not a tax professional and have attempted to condense sometimes complicated and detailed tax deduction tips into 140 characters per line. My interpretation may not be exact. Please contact a tax professional wh... [Read Full Article]
There is usually a great deal of confusion regarding home office deductions, but that does not need to be the case. All you have to do is have a clear idea of the requirements. According to the Internal Revenue Service, taxpayers who use a portion of their home for business purposes may take a home office deduction if they meet certain requirements.
The first basic requirement is that the area of your home that you regularly and exclusively use for your home business be either your principal place of business or a place to meet or deal with patients, clients or customers in the normal course of your business. Different rules apply to claiming the home office deduction if you are an employee. For example, the regular and exclusive business use must be for the convenience of your employer.
Where there is a separate structure that is not attached to your h... [Read Full Article]
Government and Economy
Business Structure and the Obama Tax Plan President-elect Barack Obama has indicated that he may hold off on his plan to raise taxes, but if Obama goes through with his plan, how hard a business is affected will depend on how it is structured.
New Presentations on IRS.gov
IRS.gov now features video and audio presentations on a variety of topics for small businesses and self-employed taxpayers.
IRS Schedule C Podcast [Read Full Article]