Entrepreneurs: What Can You Deduct and When?
Starting a new business is an exciting time. But before you even open the doors, you generally have to spend a lot of money. You may have to train workers […]
Tips for Deducting Losses from a Disaster, Fire or Theft
If you suffer damage to your home or personal property, you may be able to deduct these “casualty” losses on your federal income tax return. A casualty is a sudden, […]
100% Deduction for Certain M&E Expenses!
Generally, businesses are limited to deducting 50% of allowable meal and entertainment (M&E) expenses. But certain expenses are 100% deductible, including expenses: For food and beverages furnished at the workplace […]
Maximizing Depreciation Deductions in an Uncertain Tax Environment
For assets with a useful life of more than one year, businesses generally must depreciate the cost over a period of years. Special breaks are available in some circumstances, but […]
“Bunch” Miscellaneous Itemized Deductions To Reduce Your Tax Bill
Many expenses that may qualify as miscellaneous itemized deductions are deductible for regular tax purposes only to the extent they exceed, in aggregate, 2% of your adjusted gross income (AGI). […]
Two Options For The Home Office Deduction
When you’re traveling, a shortcut can be a time-saver, but taking it instead of the main route could cost you in other ways. The same is true in tax law, […]
Business Vehicles: Buy, Finance Or Lease?
Whether you need a single 4-door sedan or an entire fleet of 14-wheelers, how you acquire vehicles for business use has tax consequences. In most cases, you’ll have one of […]
Some Taxes Are Deductible On Your Income Tax Return
Are you planning to itemize on your 2013 federal income tax return? If so, it’s likely you’ll claim a deduction for taxes paid. According to IRS statistics, taxes are the […]
2013 Return May Be Last Chance For 2 Depreciation-Related Breaks
If you purchased qualifying assets by Dec. 31, 2013, you may be able to take advantage of these depreciation-related breaks on your 2013 tax return: 1. Bonus depreciation. This additional […]
2013 Higher Education Breaks May Save Your Family Taxes
Tax credits can be especially valuable because they reduce taxes dollar-for-dollar; deductions reduce only the amount of income that’s taxed. A couple of credits are available for higher education expenses: […]