Tax Resources

Why are Business Travel Expenses Deductible?

Travel expenses are deductible for business because they cut into profits! Over the past decade, technology has provided businesses with a number of ways to minimize travel requirements. Virtual meetings, web conferencing, and other technologies offer new ways to do things that used to require a plane ticket and a hotel stay. Still, there are times when your employees are going to need to travel, and when they do you want to make sure you’re getting the best possible rates.

Here are some ways your business can maximize its employee travel savings and keep business travel expenses deductible through careful planning:

•Carefully restrict the amount of travel necessary for your business. Let’s face it: … Read more →

Having a small business can, for some people, actually be beneficial in terms of taxes. The amounts and types of deductions you can qualify for can, especially for a business in its early days that isn’t making much money yet, put you in a position where you owe very little in taxes.

And, while you work hard to make sure that all of your financial information is in order and that you’ve properly filled out your tax return forms, sometimes errors happen. When they do, You may have your tax returns rejected by the IRS. You’ll be responsible for amending and resubmitting it.

Keep in mind that the vast majority of E-filed tax returns rejected are due to simple math … Read more →

Your small business rises and falls on efficiency and professionalism. If the people doing your work aren’t talented and precise, it will cost you money and hurt your business. This principle extends outside of your core business to every aspect, including things like accounting and tax preparation.

When you’re hiring a tax preparer, there are some specific questions you need to put out there and see where they stand. Before you hire a tax professional, ask these 10 questions of your tax preparer;

1.What are your professional designations? Depending on the type of tax preparer you’re working with, there are usually licensing and industry requirements. For example, CPAs have to meet specific criteria, and they’re able to represent your … Read more →

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