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(June 28, 2008) One of the keys to bringing your tax strategy full circle is your bookkeeping. It's one thing to know what's deductible and how to maximize your business deductions, but unless that gets reflected in your bookkeeping, it's as if the tax planning never happened at all. Use this checklist! Use this ..
(June 23, 2008) Summer is here and for many of us that means summer business trips. I love traveling for business. It usually means I'm on my way to speak at a seminar in a great location. But, my least favorite part about business trips is keeping track of all of my receipts. I use to come home from a business ..
(June 22, 2008) Probably the most common business deductions are meals and entertainment. However, people are often confused about whether the expenses are fully deductible, partially deductible or not deductible at all. 50% Deductible The general rule for deducting meals and entertainment expense is that 50% of ..
(June 21, 2008) Travel expenses are a favorite deduction of many clients, because they love to travel and especially enjoy it when the IRS is subsidizing part of the expense. In order to deduct travel expenses, however, you must show that the expense has a business purpose and is ordinary and necessary to the ..
(June 20, 2008) There are several specific rules to determine if a meal is a legitimate business expense. These specific rules include meeting the business purpose requirement and the ordinary and necessary requirement. In this article, it's assumed that the meal has met these requirements and is indeed a business .
(June 19, 2008) One thing you can always count on during an audit is a request for documentation supporting meals and entertainment expenses. The IRS has found that these expenses are heavily abused and are an easy way to generate additional tax revenue, not to mention additional revenue from penalties and ..