Due to the changes from the Tax Cuts and Jobs Act regarding meals and entertainment expenses, we suggest you reevaluate your bookkeeping system and account names for 2018. If you currently only have one account for all meals and entertainment expenses, you may want to split the account into three accounts: Entertainment Expense, which are […]
Vehicle Donations to Charitable Organizations
Are you preparing to donate a vehicle to a charitable organization for a tax deduction? Here is some basic information on what you need to know: Select a charity that is a 501(c)(3) organization Determine the value of your vehicle The maximum amount you can deduct is the fair market value. A used car guide […]
Year in Review
As 2013 draws to a close, let’s take a look back at some of our favorite postings: 1099 Contractor vs. Employee – Learn how to determine whether an individual is an employee or independent contractor. Home Office Deduction – Familiarize yourself with the new option available for claiming the home office deduction. A Small Guide […]
A Small Business Guide to Tax Deductions
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 […]