Transportation

2021 Tax Deductions: Meal Categories

Under the IRS regulations, you may deduct 50% of the cost of business-related meals. However, in 2021-2022 you can deduct 100% of the cost of business related meals.

3 Travel Expenses to maximize your Tax Savings

Business owners may perform business travel for several reasons. Often, owners are hesitant to take travel related deductions or are unaware that using some simple strategies, they can combine travel deductions and vacation.

Tax Deductions: Home Office

If your office location is in your house, you can deduct your bills for insurance, utilities, security, association fees, maintenance and general repairs.

Hire a Tax Professional

Hiring an experienced expert can make a difference. The key here though is to plan in advance! Don’t wait until the dreaded deadline each year, April 15, to start thinking about tax savings.

Renting Your Home Tax Strategy

Do you conduct meetings with your managers or employees at home? The IRS allows you to rent your primary home or vacation home.

Employee Credits! (Work Opportunity Tax Credits)

Hiring an employee like a driver, construction foreman or other admin person can certainly be an expensive venture to pursue. You could get a tax credits for hiring people from a certain target group.

7 Tax Strategies for Small Business Owners

The number of small business owners who I have met that are overpaying on their taxes is astonishing. Many of them were already working with a CPA and thought there was nothing they could do about it.