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Business Travel: What can I deduct?

The general rule: whatever expense is necessary and ordinary in making money for your business is a legitimate business expense.  Especially in today’s global economy, this involves traveling.  Many of our fabulous clients ask us which expenses come under the tax-deductible business travel umbrella and how to claim them.  First, if you are a business owner, these expenses for you and your employees will be an expense to your business on your company’s books.  However if you are an employee and your employer does not reimburse you for your business travel (most will), hang on to the receipts and hand them over to your accountant as they can be itemized deductions on your personal taxes.  In either case, and as with anything, the key to maximizing this deduction is to keep great records. Continue reading “Business Travel: What can I deduct?”

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Q&A: How do I save my business money on taxes?

We keep our promises.

One of our clients, Donna, from Development and Training Resources, LLC, gave us a great topic to write about. Remember when we said we would answer your questions? She asked:

“What are the best ways to retain income for future business development required for the following year operating needs without substantial taxes?”

Continue reading “Q&A: How do I save my business money on taxes?”