What are Employee-Spouse Fringe Benefits? S-Corp.
If you are the sole owner of an S Corporation and your only employee is your spouse, they may be eligible for fringe benefits such as coffee, soft drinks, and occasional sporting event tickets. The list of available fringe benefits is limited. But, depending on your situation, it might surprise you to learn what is […]
How to get clothing expenses from my work uniforms
For many business owners, the cost of clothing expenses can add up. Laundry and dry cleaning costs can pile up over the tax year. However, should those clothing expenses be deductible? Well, there are three rules that help determine if you can deduct these expenses or not: The clothing is a requirement and is essential for […]
Better way to get more from your square footage deductions
How much square footage of your home do you use for your business? Did you know, the answer to that question varies depending on your calculation method? That’s why choosing the right calculation method can make a big difference in the overall dollar amount. According to part 2 of Form 8829, the IRS states that […]
Love Canada? Reasons to make it a business adventure
There are IRS rules that govern trip inside and outside the United States. However, a trip to Canada is not an international destination. Rather, Canada is part of the tax-defined North American area for conventions, meetings and seminar purposes. That’s good news for business travel because it makes it easier to establish and meet the […]
Can a fishing trip expense be tax deductible?
Everyone loves a little entertainment. That includes your current and potential clients. If you love fishing and you want to make it into a valid business deduction, here’s how you should structure your fishing trip expense as part of an entertainment deduction. Like any entertainment expense, a fishing trip is a form of tax-deductible entertainment. […]
How to save money and get your business education
Are you planning an out of town trip to increase your education at a seminar this year? Luckily, the IRS allows you to expense all business education trips if they are to improve skills in your business. Time and documentation. It must be clear to the IRS that the primary purpose of this trip was […]
Traveling for business – What You Should Know
It’s tempting to get greedy in expenses when you’re traveling for business. We would all love to call everyday a business day, right? However, the IRS knows how easy it is to call something which it is not. Therefore, the IRS has setup some “rules” to govern how to classify a business day when traveling […]
How to get away and make time for business planning
As a small husband-wife business, you might find yourself doing work at the office, at home and any available free moment in between. But there might be times where it’s necessary to break away from the day-to-day work in order to do long-term planning for your business. Here are 4 easy steps to turn your husband-wife get […]
Important Tips For Better Management of Your Receipts
The IRS, generally, wants you to prove two things for all expenses in your business: how you spent the money and the business purpose for the expenditure. Receipts are an easy way to prove both parts of the IRS requirement. However, here are some important tips for better management of your receipts. 1. Avoid paying […]
Avoid these receipt mistakes in your business
Many business owners opt to use a business credit card for all their business spending. After all, it keeps all purchases in one place and a monthly statement clearly shows the transaction. However, many business owners make the mistake of thinking their business credit card statement is all they need to substantiate their business expenses. […]