It is always a good idea to track business deductions throughout the year, so they are not missed when tax time comes around. However, determining what can and cannot be claimed can be challenging. Here is a list to help:
Travel and Meal Expenses
- Travel Expenses are 100% deductible
- Meal Expenses are 50% deductible, except if it is a meal for a company outing, for example a holiday party, those expenses are also 100% deductible
Vehicle Expenses
- Only business related use can be deducted, so a mileage log is helpful
- Traveling to and from home to the company is not a deductible expense
Take minute to review our prior blog posting on the Home Office Deduction.
Visit the IRS website to learn more about Deducting Business Expenses.
As always, call us at 616.393.0398 with any questions.
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