Nearly everyone enjoys eating, so an obvious and fun way to entertain your business prospects and to motivate your employees is with food. However, if your record keeping is inadequate or simply incorrect, you could run into trouble in an audit. There are several important requirements you must
Deductions for Charitable Contributions
On your personal form 1040 you may only deduct charitable contributions if you itemized your deductions (use Schedule A). In order for the contribution to be deductibe it must be made to a qualified charitable organization. When contributing cash you must maintain a record of the contribution.
Deducting Travel, Entertainment, Gifts, and Meals – overview
For business owners with questions about deducting expenses for travel, meals, entertainment, and gifts, here is a small overview. Generally meals and entertainment are deductible as long as they are ordinary and necessary expenses that are directly business related. An ordinary expense is one
Deducting Travel, Entertainment, Gifts, and Meals – overview
For business owners with questions about deducting expenses for travel, meals, entertainment, and gifts, here is a small overview. Generally meals and entertainment are deductible as long as they are ordinary and necessary expenses that are directly business related. An ordinary expense is one
Upcoming tax and credit deadlines
Individual 1040's: On October 15th all Individual tax returns (form 1040) are due to be filed with the IRS. If you fail to file your return by the October 15th deadline you will be subject to a late filing penalty. The late filing penalty is usually 5% of the tax due per month with a maximum
Expanded 529 Plan Features
What is a 529 Plan? It is a way to invest your money to be used for future educational expenses for college. Distributions from 529 plans can be used to pay for tuition, books, and other expenses for college. The American Recovery and Reinvestment Act of 2009 has added computer technology to the
2009 Tax Legislation/American Recovery and Reinvestment Act
OVERVIEW On February 17, 2009, President Obama signed into law the American Recovery and Reinvestment Act of 2009. This $787 billion law was intended to jump start the US economy by triggering a surge of direct spending and tax incentives. Overall, the new law creates over 300 changes
Employee or Independent Contractor?
If you are a business owner wondering whether to treat an individual working within your business as an employee or an independent contractor, here is what you should consider: 1. Does your company have the right to control what the worker does and how they do it? Are they allowed to work for