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Keep these DOs and DON’Ts in mind when deducting business meal and vehicle expenses

Business Expenses, Business Meals and Entertainment, Business Vehicle, IRS Audit, Tax Code, US Tax Court, Vehicle Expenses /

If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law. Tax auditors are adept at rooting […]

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Need a new business vehicle? Consider a heavy SUV

Business Equipment, Business Expenses, Tax Deduction, Tax Planning, Tax Savings, Vehicle Expenses /

Are you considering buying or replacing a vehicle that you’ll use in your business? If you choose a heavy sport utility vehicle (SUV), you may be able to benefit from lucrative tax rules for those vehicles. Bonus depreciation. Under current law, 100% first-year bonus depreciation is available for qualified new and used property that’s acquired

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