Many businesses host a company picnic for their employees in the summer. It’s a fun activity for your staff. But more importantly, you may be able to take a larger deduction for the cost than you would on other meal and entertainment expenses. Meal and entertainment...
If your small business claims deductions for meals, entertainment, auto and travel expenses, be aware that the IRS may closely review them. Too often, taxpayers don’t have the necessary documentation to meet the strict requirements set forth under tax law and by the...
Are you thinking about turning an upcoming business trip into a family vacation this summer? This can be a great way to fund a portion of your vacation costs. But if you’re not careful, you could lose the tax benefits of business travel. Reasonable and necessary...
You may be surprised to hear that most business deductions aren’t specifically listed in the Internal Revenue Code. It doesn’t explicitly state that you can deduct certain business expenses such as office supplies. There are some expenses that are detailed in the tax...
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