Tag Archives: meals

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 […]

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 […]

Employee Business Expense Tax Tips

As an employee of another company or business, you may qualify to deduct any expenses you paid out of pocket. Generally, you will have to itemize your deductions using a Schedule A, Itemized Deductions in order to claim allowable expenses. Follow these five tips to maximize your deduction and avoid delays in processing your return: […]

Bus Drivers Deduct Their Way to Savings

Do you drive a bus for a living? Being on the road, helping people get where they need to go can feel very rewarding. Reward yourself at tax time by claiming deductions which can lower the amount you owe in taxes and put more money in your pocket. If you work for a specific business, […]

Secure Your Job Related Deductions

As a security specialist, your job is to provide safety and asset protection. You may also work in corrections, ensuring the logistics of those incarcerated. At tax time, you don’t want to be lax on the deductions you can take. You’ll receive a Form W-2 from your employer which will document your income and tax […]

Driving For Deductions

Do you drive a vehicle, like a school bus, semi-trailer, truck, or taxi for work? Drivers will receive Form W-2, Wage and Tax Statement, for income from wages you obtain being an employee. In the event that you received a Form W-2 and the ‘Statutory employee‘ check box in Box 13 is marked, report that […]

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 […]

Miscellaneous Deductions

People often consider three big deduction when they think of itemizing: home mortgage interest, state and local income taxes, and charitable donations. Though, there are many additional deductions aside from the three common ones. These deductions are typically considered “miscellaneous itemized deductions” and are able to be claimed if they are more than 2% of […]

Business Meals

If you’re traveling for business, you will likely have to eat at a restaurant at some point. If you can deduct the cost of your meal from your taxes as a business expense, you’ll enjoy the meal better. It is possible to deduct business meals, but there are specific guidelines that have to be followed. […]

Deductions for Realtors

It’s that time to start considering your tax deductions. If you own a real estate business, just about everything you purchase can be a tax deduction, provided it is necessary to the business and the cost is reasonable. Deductions are a great way to save your business some hard earned profits. A $900 computer purchased […]