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Tag Archives: deductible business expenses
Tax Deductible Expenses
I’m often asked if a particular expense is tax deductible. Everyone is looking for a deduction! In general, only expenses incurred in a trade or business (IRC §162) or those incurred in the production of income (IRC §212), will be … Continue reading
Posted in Deductible Expenses, Uncategorized
Tagged deductible business expenses, IRS, necessary expense, ordinary, reasonable
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Business Entertainment Expenses
Closely related to meal expenses are business entertainment expenses. Both are subject to a 50% reduction in the deductible amount. And, both are subject to the same substantiation requirements; that is, the taxpayer is required to have a receipt documenting … Continue reading
Independent Contrator or Employee?
It is critical that business owners correctly classify the individuals who provide services to their company as employees or independent contractors. The business must withhold income taxes, pay and withhold Social Security and Medicare taxes, and pay unemployment taxes on … Continue reading
Per Diem Rates for Travel Expenses
If you incur travel expenses, you may either keep your receipts for meals and lodging and other expenses, or you may use the per diem rate. Per diem rates are updated on an annual basis and are available online at … Continue reading
Business Travel Expenses
In general, to qualify as a travel expense deduction, the purpose of the trip must be connected with a trade or business or be employment related AND the taxpayer must be away from his tax home overnight, or for a … Continue reading
Lisa the Tax Lady 