Joe Taxpayer operates a retail SCUBA diving equipment business as a sole proprietor in Seattle. Joe knows he needs to be consistent in recording his business travel in order to deduct the mileage. He keeps a clipboard, chart and pen in his vehicle, and records his odometer readings every time he
When you use your car or truck for business, generally the expenses associated with that are deductible as business expenses. You can deduct the auto expenses for business when you are traveling from one work location to another, visiting customers, attending business meetings away from your
When you own your own business and you are a sole proprietor, you can set up a retirement plan for yourself and your employees if you have them. Once you have set up a retirement plan, the contrbutions that you make for yourself are deductible on your tax return. There are a few times of
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
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.
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
The American Recovery and Reinvestment Act provides for new incentives for the purchase of new cars in 2009. This applies to vehicles purchases after February 16, 2009 and before January 1, 2010. Taxpayers who qualify may deduct the sales tax (state, local, and excise) on the purchase of new cars,
If you have a used car you want to donate to a charity and are wondering if you can deduct the donation on your tax return, then here are the steps you need to take.First, make sure the charity you want to donate to is a qualified organization. You will need to make sure that they are 501(c)(3)