Taxes

Meals and entertainment is one of the most misunderstood tax deductions. Some small business owners assume every meal they consume should be a deductible tax expense. Unfortunately, there are rules business owners must adhere to, to qualify for this deduction. This article discusses some of the factors you should consider. Like any other tax matter, personal situations may vary and it is best to consult with a tax advisor for

Most people go into business hoping to make money, but what if plans don't turn out as you like. It is wise to plan for the worst case scenario. If your legal structure is a corporation, you can take advantage of code section 1244. Code section 1244 allows you to write off your capital losses against ordinary income. Normally, there is a limit to the amount of capital loss deduction you can

92% of New Year's Resolutions don't work because there is no real correlation between what people say they are going to do and who they believe they really are. If you believe you are a poor person and you will always be in debt, then it doesn't matter how many books you read or how many plans you make, your thought about yourself will become your reality. For as a man

Standard Mileage Rate for Business Use of Car Small business owners are allowed to deduct vehicle usage using actual expenses or the standard mileage rate. The standard mileage rate is a rate that takes into consideration the wear and tear of using your vehicle for business. In 2015, the standard mileage rate for business use of a car, van, pickup truck, or panel truck was 57.5 cents per mile but it will

If you volunteer at your local charity, any out of pocket expenses you have might be deductible – including your mileage. Most people don't think of mileage used to go back and forth from volunteering activities as a deductible expense. Deductible expenses Some expenses that are eligible for deduction while volunteering are: Mileage expense (computed at 14 cents per mile) Parking fees and tolls Meals: Unlike business expenses, meals are not subject