There are two ways you can deduct your business expenses related to vehicle deductions: Standard Mileage Deduction (2015 deduction is 57 cents per mileage in the US) Actual Expense Deduction The standard mileage deduction is also referred to at the “IRS method.” So you can tell which one is more preferable but that doesn’t…
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As a business owner it is important that we understand how to create a working budget for our business. Looking at our previous months numbers to understand where to go in the future will help set the tone. It is also important to have a simple way of looking at how to break out the…
Entertainment expenses can be taken in so many ways that I needed to break this out into two videos. Entertainment can also be linked to vehicle deductions, meal deductions and the like. Understanding what expenses can truly be classified as entertainment. Know that in some cases if you are married and your spouse is not…
What is the purpose of entertainment from a business perspective? Entertainment is a meals of networking and prospecting with individuals. As a business owner you are asking for referrals, continuing to build your relationship with your current clients or making new contacts. Entertainment can be deductible if the expense is ordinary and necessary for your…
Making sure that potential clients know that you are in business is crucial. In the YouTube video I talk about certain types of marketing and advertising that can be used as a tax deduction for your business. Advertising and marketing can include websites (domain name, web hosting, website building, maintenance), business cards, sponsorship of not-for-profit…
When it comes to helping defend in the event of an audit by the IRS, documentation is your best friend. The important things to take into consideration are: – Maintain a separate business bank account and only use the account for business purposes. – Save all receipts for purchases over $75.00 – Document all purchases…
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