You’ve traveled for business, and now it is time to figure out your business travel deductions. What is “ordinary and necessary” and can be deducted on your business tax return? Transportation Flight, train, and car travel to and from the convention or meeting is deductible. Travel by boat, such as an ocean liner or cruise […]
Small Business Tax Help
How to Deduct Business Travel: Part 1
If you’ve traveled for a conference or visited a client, what can you deduct as costs for your business? Here are some tips to help you separate your personal and business travel expenses, so your business tax preparation will not be hampered by what to count. The purpose of the trip must be primarily business […]
Congress Considers Small Business Tax Breaks
While many congressional observers predict that no significant tax legislation will be passed before the November election, several important measures have been introduced that would provide tax relief to small businesses. Three significant pieces of tax legislation that are currently under consideration in Congress are outlined below: Startup Act 2.0 This legislation would allow small businesses […]
Small Business Tax Credit Flop
Why wouldn’t you take advantage of a tax credit for small businesses? In the case of health care tax credit enacted in the 2010 Affordable Care Act, the answer is if it is too confusing or if the cost to receive it is more than the credit is worth. This health care tax credit was […]
3 More Tips for Your First Business Tax Return
You’ve started your own business, and now it’s time to file your first tax return. Even if you hire a business tax preparation specialist, you will need to have your files in order and make some decisions on how you want to file your return. In continuation from last week’s post, here are 3 more […]