For employees, the cost of daily transportation to and from work can add up. Whether you drive your own car or take a bus, train or ferry to your regular place of employment, chances are you’ve wondered whether or not your commuting expenses were tax deductible. Here’s what the IRS says: No matter how far your home is from […]
IRS Audit
Business Gifts – IRS Limits You Should Know About
If you give gifts to your clients, customers or associates in the course of your trade or business, you may be wondering if these gifts are tax deductible. The good news is that yes, they are. However, the IRS imposes serious limits on how much you can deduct. Under current rules, which have not been updated since 1962, […]
Travel Expenses – Can You Deduct Yours?
Travel is one of the most commonly misunderstood tax deductions amongst business owners and the self-employed. A basic understanding of what travel means in IRS-speak can help you to avoid disallowance of your deduction, should your tax return ever be examined. Here are the three most important things you should know: 1. There is an important distinction […]
Taking a Tax Deduction for Your Auto? Read this…
Sure, you’ve been writing off your auto expenses for years, but how well do you think your records would stand up in the event of an IRS audit? Lack of adequate documentation can result in the disallowance of your deduction should the IRS take a look-see. Here are the three most important things you should […]