Posts Tagged ‘deduction’

Making a Loan to Your Company is Complicated

Making a Loan to Your Company is Complicated

  • Agency News

Loan or Capital Contribution   Have you given a loan to your company as a business owner? Is that transaction recorded as a liability payable back to you? If you answered “yes” to these questions, you may be at risk for the IRS ruling that your business decision will be reclassified…

15 COMMONLY MISSED TAX DEDUCTIONS

15 COMMONLY MISSED TAX DEDUCTIONS

  • Agency News

Business interest on vehicles Business interest on credit cards Business bank fees Business use of internet access fees Business use of computers and accessories/software (general tools of your trade) Non-cash charity (i.e. donating clothing, art work, collectibles, etc.) Business tolls/parking and tips paid while traveling Business gatherings at the home…

Deduction Income vs Sales Tax

Deduction Income vs Sales Tax

  • In the News

Deduction for state and local sales tax benefits some, but not all, taxpayers The break allowing taxpayers to take an itemized deduction for state and local sales taxes in lieu of state and local income taxes was made “permanent” a little over a year ago. This break can be valuable…

Deductions Documentation and Expenses

Deductions Documentation and Expenses

  • Agency News

Documentation is the key to business expense deductions If you have incomplete or missing records and get audited by the IRS, your business will likely lose out on valuable deductions. Here are two recent U.S. Tax Court cases that help illustrate the rules for documenting deductions. Case 1: Insufficient records…

What Can You Deduct? Business Verses Pleasure

What Can You Deduct? Business Verses Pleasure

  • Agency News

Combining business and vacation travel: What can you deduct? If you go on a business trip within the United States and tack on some vacation days, you can deduct some of your expenses. But exactly what can you write off? Transportation expenses Transportation costs to and from the location of…

Business Deduction – Company Picnic

Business Deduction – Company Picnic

  • In the News

Business Deduction – Throw a company picnic for employees this summer and enjoy larger deductions Many businesses host a picnic for employees in the summer. It’s a fun activity for your staff and you may be able to take a larger deduction for the cost than you would on other…

Tips for deducting losses from a disaster, fire or theft

Tips for deducting losses from a disaster, fire or theft

  • In the News

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, unexpected or unusual event, such as a natural disaster (hurricane,…

Small business – 2 benefits-related tax credits just for you!

Small business – 2 benefits-related tax credits just for you!

  • In the News

Small business – 2 benefits-related tax credits just for you! Any small business is always looking for a way to reduce tax payments.  Tax credits reduce tax liability dollar-for-dollar, making them particularly valuable. Two valuable credits are especially for small businesses that offer certain employee benefits. Can you claim one…

How to max out education-related tax breaks

How to max out education-related tax breaks

  • In the News

How to max out education-related tax breaks Do you have an education deduction this year? If there was a college student in your family last year, you may be eligible for some valuable tax breaks on your 2015 return. To max out your education-related breaks, you need to see which…

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