4 IRS Hot Buttons: Defending Your Business Against Tax Audits
Everyone has at least one pet peeve. The IRS has many. Here are some items that the tax agency may target on a business’s tax return — and ways to […]
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 […]
“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). […]
What Can Be Expensed And What Must Be Capitalized?
When it comes to many of the expenditures related to tangible property, whether a business can expense or must capitalize hinges on the difference between a “repair” and an “improvement.” […]
Estimate Start-Up Costs For Your New Business
Building a business from scratch involves hard work, long hours, and, statistically speaking, a high probability of failure. Yet as researchers Stanley and Danko noted in their landmark book, The […]
Renting Out Your Vacation Home Can Bring Tax Complications
If you rent out your vacation home for 15 days or more, you must report the income. But exactly what expenses you can deduct depends on whether the home is […]
Kids Going to Day Camp? You May Be Eligible For a Tax Credit
Day camp is a qualified expense under the child or dependent care credit, which is worth 20% of qualifying expenses (more if your adjusted gross income is less than $43,000), […]
Pay Attention to the Fringe Benefits You Offer
Fringe benefits may be such an established part of your business compensation package that you’re fairly casual about them. Nevertheless, it’s wise to review your policies periodically to make sure […]