Posts tagged tax deduction

How To Write Off Travel Expenses As B...

How To Write Off Travel Expenses As Business Expenses
Tweet 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 [...]

Deducting Charitable Contributions

Deducting Charitable Contributions
Tweet 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 [...]

Maximize your Travel & Entertain...

Maximize your Travel & Entertainment Benefits.
Tweet 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 [...]

Tax Record Keeping Advice for Small-B...

Tax Record Keeping Advice for Small-Business-Owning Technophobes
Tweet 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 [...]

The Home office

The Home office
Tweet 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 [...]

Financial Planning Dos & DonR...

Financial Planning Dos & Don’ts
Tweet 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 [...]

A Week in Perspective

A Week in Perspective
Tweet HERE I GO ONE MORE TIME – This message cannot be repeated often enough Don’t miss the Articles that TWTP is putting out over at mainstreet.com How to Save the American Dream IRS Increases Tax Deduction for Drivers 5 Money Moves to Make Before Year-End – I have thought about my finances and some things I need to do as the yea [...]

The Home Office Deduction

The Home Office Deduction
Tweet 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 [...]

Misconceptions Business Owners Have A...

Misconceptions Business Owners Have About Their Returns
Tweet 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 [...]

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