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Tax Tips Small Business
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Determining Qualified Business Expenses
Be sure to deduct every legitimate expense
Amounts you spend in the course of conducting business are generally deductible from the gross income of that business. This includes any start-up expenses. You can claim amounts spent for items ordinary and necessary in your trade or business as a deduction against your income. Otherwise, the amounts are amortized, depreciated, or expensed depending on the nature of the purchases.
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Small Business Quick Tip
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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.
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Tax Tips Personal
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IRAs and Charitable Contributions
New option for charitable giving
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If you are age 70 1/2 or older, there is another option for you to consider when making charitable contributions. Beginning after December 31, 2005, you may be allowed to make a charitable contribution of up to $100,000 of distributions from your IRA. Although there is no charitable contribution deduction allowed,
Personal Quick Tip
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Tuition Deduction
If you paid qualifying tuition and related expenses in 2016, you may be able to deduct up to $4,000 of the costs or qualify for a tax credit.