Tax Tips Small Business

  • Employee Meals: When Does the 50-Percent Limit Apply?

    Don't reduce your deduction if you aren't required to

    In most cases, an employer is only allowed to deduct one-half of the expense that is paid to employees for meals. However, in some instances, the full amount is allowed.

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Small Business Quick Tip

  • Business Credit Card

    Use your credit card to buy equipment and supplies that you will need in the upcoming year. Charges on your credit card for deductible business expenses are allowed in the year you make the purchase, not in the year the charge is paid. Pay off your credit card after the beginning of the year and avoid finance charges.
Saturday, 17th November 2018
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Tax Tips Personal

  • Did You Move This Year?

    Your moving expenses may be deductible

    If you moved this year because of a change in your job location or because you started a new job, you may be able to deduct the reasonable expenses of moving household goods and personal effects to your new home. The expenses of traveling to the new home including lodging expenses, are also deductible. Meals, however, are not.

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Personal Quick Tip

  • IRA for Children

    If your child has earned income from a summer job, you may want to consider opening an IRA for him or her. There is no minimum age for contributing to an IRA. The only requirement is that the person making the contribution has earned income and has not reached age 70 1/2.