business expenses

A few years back, the rules for deducting business-related entertainment expenses changed. The deduction was cut in half, only allowing you to deduct 50% of the expense. This was a bit of a blow to many small businesses, and since then we’ve all been trying to find ways around the 50% limit.

There are a number of different ways you can max out your entertainment deduction. Some of the most common include:

Entertain in your home, and conduct business. Your home is conducive to business. If there is a business intent to a gathering and business is discussed or conducted, you may be able to deduct the costs. Beyond that, however, if the business is in the form of a… Read more →

Q:   Considering the separation of write off expenses, is there a threshold or dollar amount when it becomes necessary or prudent to maintain a separate business credit or debit business account? Will the IRS look closer if you use a personal credit card for business expenses?

A: Business expenses are a gold mine for tax savings! The trick is using a system to maintain the necessary records. The centerpiece of your system is your appointment book. That’s where you document the business purpose of each activity and where the receipts can go until you get to the office. A separate credit or debit card account for business expenses will make your recordkeeping life easier. It’s not the IRS that’s your … Read more →

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