If your child is going to a summer day camp while you work, it may count as an expense toward the federal Child and Dependent Care Credit.
Combine a Business Outing with Tax Breaks
Summer is here, and you may be planning a picnic or other outing for your employees. When doing so, keep tax deductions in mind.
Can You Turn Business Losses Into Tax Relief
Even well-run companies experience down years. The federal tax code may allow a bright strategy to lighten the impact. Certain losses, within limits, may be used to reduce taxable income in later years.
Planning a Summer Business Trip? Turn Travel Into Tax Deductions
If you or your employees are heading out of town for business this summer, it’s important to understand what travel expenses can be deducted under current tax law. To qualify, the travel must be necessary for your business and require an overnight stay within the United States.
Traveling With Your Spouse on Business? Know What’s Deductible
If you own a company and travel for business, you may wonder whether you can deduct all the costs of having your spouse accompany you on trips. It’s possible, but the rules are restrictive.
Are You a Tax-Favored Real Estate Professional?
The general rule for federal income tax is that rental real estate losses are passive activity losses (PALs). An individual taxpayer can generally deduct PALs only to the extent of passive income from other sources, if any. For example, if you have positive taxable income from other rental properties, that generally counts as passive income. You can use PALs to offset passive income from other sources, which amounts to being able to deduct them currently.
Tax Deduction for Classic or Antique Cars Used in Business
Question
I enjoy your articles on the dollars-and-cents aspects of buying antique furniture for use in a business.
Could you give an example of buying an antique or a classic car versus a new car as a business-use vehicle? Let’s say a 1972 Pontiac GTO versus a 2019 Lexus GS.
Fringe Benefit Deductions Change and Affect Business
The Tax Cuts and Jobs Act included a number of tax law changes that affect small businesses, such as deductions for fringe benefits, which can affect both a business’s bottom line and its employees’ deductions. Here’s a summary of what these are:
How a Business Owner’s Home Office Can Result in Tax Deductions
As a business owner, you may be eligible to claim home office tax deductions that will reduce your taxable income. However, it’s crucial to understand the IRS rules to ensure compliance and avoid potential IRS audit risks. There are two methods for claiming this tax break: the actual expense method and the simplified method. Here are answers to frequently asked questions about the tax break.
It May Not Be Too Late to Reduce Your 2024 Taxes
If you’re preparing to file your 2024 federal income tax return and your tax bill is higher than you’d expected or your tax refund is smaller than you’d hoped, there might still be an opportunity to change it. If you qualify, you can make a deductible contribution to a traditional IRA until the filing date of April 15, 2025, and benefit from the tax savings on your 2024 return.