Tag Archives: deductible expenses

Are Meal Expenses Fully Deductible?

Meals that are purchased for work or business purposes can either be fully deductible, or only 50% deductible depending on what the meals are for and a few other requirements. 50% Deductible During meetings, meals purchased for employees, stockholders, directors, agents and other business personnel are deductible at 50% of the actual cost of the […]

The Big Five for The Self-Employed

If you work for yourself, whether through contracting, freelancing, or other self-employed means, you’re entitled to a variety of tax deductions that can save you money when you file your tax return. And as an independent worker, saving money is always welcome. Here are the top five tax deductions to be aware of. Your Home: […]

Freelancing and Your Taxes: What to Expect

Life as a freelancer can be pretty laid-back. You set your own schedule, you control your own work, and you have a lot more freedom – most of the time. At tax time, being a freelancer can be daunting if you haven’t kept good records or don’t know what to expect. Filing your taxes can […]

You shouldn’t have to spend money to make money. However, sometimes you need to purchase items say you can perform your job more effectively. There are different types of work-related expenses such as extra uniforms, electronic gadgets, special tools, and other supplies. While you may be shelling out a lot of cash for these expenses, […]

Taking the standard deduction may seem like the easier option when filing your taxes. However, it may not be the most valuable to you in the long run. Itemizing your deductions may lower your taxes owed. You can determine which method works best for you by figuring out the amount of each deduction method. In […]

You’re probably not thinking about filing next year’s taxes already, but if you start organizing your documents now, you can avoid a lot of stress and headaches when the next season comes. Tax preparation doesn’t begin on January 1st, but is instead a year-round activity that can make filing your taxes a breeze when it […]

Mechanics Check Deductible Expenses

As a mechanic, you are entitled to certain deductions of unreimbursed job-related expenses come tax time. In order to maximize your deductions and lower the amount of taxes you owe, you should keep receipts for all expenses you incur throughout the tax year. The amount of taxes you paid will be listed on a Form […]

Using Your Home for Business

Regardless of if you are self-employed or an employee of another business, if you use any part of your home for conducting business, you may be able to deduct certain expenses. Your home must be used in one of the following ways: Exclusively, and on a regular basis as your primary place of business A […]

Can I Deduct Business Travel Expenses?

If you travel for work, and you are employed by someone other than yourself, it may be more beneficial to have your employer reimburse any costs you incur while traveling than to try to deduct them at tax time. Deductible expenses occur when you are away on a work related trip outside of your main […]

Deducting Moving Expenses

You may be able to deduct some expenses incurred from a work-related move. Whether or not you itemize deductions, you may qualify to deduct some of these expenses if you meet the following two conditions: Your new job has increased your commute from your old home by over 50 miles. This means that there has […]