Ordinary and Necessary Business Expense

From flights to meals: A guide to business travel tax deductions

Business Meals and Entertainment, Business Travel Deductions, Business Travel Expense, Business Travel Rates 2024, Employees, Self Employed, Small Business Owners / Douglas Freeman

As a business owner, you may travel to visit customers, attend conferences, check on vendors and for other purposes. Understanding which travel expenses are tax deductible can significantly affect your bottom line. Properly managing travel costs can help ensure compliance and maximize your tax savings. Your tax home Eligible taxpayers can deduct the ordinary and […]

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Scrupulous records and legitimate business expenses are the key to less painful IRS audits

Bookkeeping, Internal Revenue Service (IRS), IRS Audit, Small Business, Small Business Owners / Douglas Freeman

If you operate a business, or you’re starting a new one, you know records of income and expenses need to be kept. Specifically, you should carefully record expenses to claim all the tax deductions to which you’re entitled and you want to make sure you can defend the amounts reported on your tax returns in

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

Business Deductions, Federal Income Tax, Federal Tax Deductions, Internal Revenue Service (IRS), Small Business Tax Tips, Small Business Tips, 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. For example, the tax law 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

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How to treat business website costs for tax purposes

Business Equipment, Business Expenses, Depreciation Deduction (Section 179), Small Business, Website Development Tax Deductions / Douglas Freeman

These days, most businesses have websites. But surprisingly, the IRS hasn’t issued formal guidance on when website costs can be deducted. Fortunately, established rules that generally apply to the deductibility of business costs provide business taxpayers launching a website with some guidance as to the proper treatment of the costs. Plus, businesses can turn to

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