Deductible Business Expenses – DougFreemanCPA.com

Corporate officers or shareholders: How should you treat expenses paid personally?

Business Deductions, C Corporations, Shareholder, Small Business, Small Business Tax Tips / Douglas Freeman

If you play a major role in a closely held corporation, you may sometimes spend money on corporate expenses personally. These costs may end up being nondeductible both by an officer and the corporation unless the correct steps are taken. This issue is more likely to happen with a financially troubled corporation. What can’t you […]

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Providing a company car? Here’s how taxes are handled

Company Car, Corporations, Employee Benefits, Employees, Fringe Benefits For Employees, Small Business, Tax Deduction, Vehicle Expenses / Douglas Freeman

The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This perk results in tax deductions for the employer as well as tax breaks for the owners and employees using the cars. (And of course, they get the nontax benefit of getting a company car.) Plus, current

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Hire Your Children This Summer: Everyone Wins

401 K, Business Income Tax, College children on The Payroll, Income Tax, Individual Income Tax, Roth IRA, Small Business / Douglas Freeman

If you’re a business owner and you hire your children (or grandchildren) this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, save for college and learn how to manage money. And you may be able to: Shift your high-taxed income into tax-free or low-taxed income, realize payroll

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What type of expenses can’t be written off by your business?

Business Deductions, Business Meals and Entertainment, Deductable Expenses, Deductions, Internal Revenue Service, Section 162, Small Business, Tax Deduction / Douglas Freeman

If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. It doesn’t explicitly state that you can deduct office supplies and certain other expenses. Some expenses are detailed in the tax code, but the general rule is contained in

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