For someone who likes to travel, the world offers enormous opportunity for new sights and adventure. However, travelling can be an extremely expensive habit. Because of that fact, you may be tempted to try to write off some of your travel expenses as a business expense.
This is perfectly legal, as long as you follow some pretty strict [...]
Donations made to qualified organizations may help reduce the amount of tax you pay. Here are a few things to help ensure your contributions pay off on your tax return.
If your goal is a legitimate tax deduction, then your charitable contributions, whether a cash donation or non-cash gifts such as goods and services, must be given to a [...]
Tax law allows you to deduct two types of travel expenses related to your business, local and what the IRS calls “away from home”.
You may be able to deduct the ordinary and necessary business-related expenses you have for Travel, Entertainment, Gifts, or Transportation.
An ordinary expense is one that is common and accepted [...]
This is a guest post from Erinn Stam, the Managing Editor for nursing student scholarships. She attends Wake Technical Community College and is learning about nursing scholarships for working moms. She lives in Durham, NC with her lovely 4-year-old daughter and exuberant husband
Are you afraid of Quicken? Do you hate working on your c [...]
With tax day just around the corner, here are some ideas that can maximize your tax returns this year:
Invest more money in your retirement account – Your retirement funds actually aren’t taxed until that money is taken out of your retirement account. Contributions to retirement funds can be made as late as April 15th, and the t [...]
Guest post by Mariette Knoblauch of Ballard Beancounters
In the economic chaos of the past few years, many people have turned to self-employment. If you have a home-based business, you may very well have a home office, and a convenient deduction on your federal income taxes.
What makes a home office deductible?
There are several combin [...]
During these uncertain economic times, financial planning has become a challenge. Here are a few financial planning suggestions that can add to your peace of mind about financial matters and simplify your life:
At least once a year, write down your investment goals and what strategy you will use to reach them. This will keep you fo [...]
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The tax break has been expanded, but make sure you know the rules.
The Taxpayer Relief Act of 1997 included a modification of the IRS’s definition of “principal place of business” that will permit a larger number of taxpayers to qualify for the home-office deduction. For tax years beginning after 1998, the deduction [...]
Regardless of how life changes, one of the biggest hurdles you’ll face in running your own business is to stay on top of your numerous obligations to federal, state, and local tax agencies. A tax headache is only one mistake away, be it a missed payment or filing deadline, an improperly claimed deduction, or incomplete records [...]