Deducting Business Meals
The tax rules on deducting meals have changed over the years. What kinds of deductions are available, and when? What about the annual holiday party for your employees?
Category: Tax deductions
Preparing for 2024 Tax Season
There are many tax uncertainties facing the end of 2024. Mainly, whether proposals from the presidential candidates will affect taxes. However, in any year, you can apply core tax planning strategies relative to income and deductions.
Deducting Business Expenses
What are the rules for deducting business expenses for your business? To be deductible, a business expense must be both ordinary and necessary for your trade or business.
2022 Charitable Donations
If you expect to itemize deductions in 2022, you may benefit from contributions to qualified charitable organizations. As long as you make a donation in 2022, it is deductible on your 2022 return, including charging the donation to a credit card on December 31.
Fringe Benefits and Taxes
Additional benefits on top of an employee’s regular pay may be taxable. The rules are complicated and employers should familiarize themselves with the requirements. Do you know which benefits are taxable?
Depreciation Tax Rules
Depreciation is an annual tax deduction that allows small businesses to recover costs of certain property that decreases in value over its lifetime. It is an allowance for wear and tear, deterioration, or obsolescence of the property.
Difference Between Credits and Deductions
Many people believe tax deductions and credits are the same. Tax deductions reduce your taxable income, but tax credits reduce your tax bill dollar for dollar. Knowing how they work can help you understand your tax situation.
Can a Business Deduct Advertising and Marketing Expenses?
Recent guidance from the IRS highlights the nature of advertising costs. The tax law allows businesses to deduct expenses that help them bring in new customers and keep existing ones. What expenses can a business deduct?
GoFundMe | IRS Rules
GoFundMe is an online platform that anyone can create to raise money for a family member’s cancer treatments, college tuition, new church building, or other cause. Anyone who makes a donation can obtain an official-looking receipt for tax purposes. Are these donations eligible for a charitable deduction?