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Tax Tips Small Business
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Reimbursing Your Employees for Business Expenses
What method should you choose?
Attracting and keeping good employees is a goal in any business. One way to make life easier for your employees is to have an easy to use reimbursement plan. Travel, transportation, moving, and educational expenses are common reimbursable expenses. As the employer, you have the option to set up an accountable or nonaccountable reimbursement plan. Under either plan, you can deduct many of the business expenses paid to or for employees. However, the plan you choose can make a big difference to your employees.
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Small Business Quick Tip
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Personal Use of Vehicle
If your business owns a vehicle that is available for an employee's personal and business use, the vehicle is nevertheless considered used 100 percent for business on the business tax return. The personal-use percentage is included on the employee's W-2 as additional compensation.
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Tax Tips Personal
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Divorced?
Know the rules before claiming a dependent
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If you are a divorced or separated parent, the rules for determining which one of you can claim the children as dependents is confusing at best. A few years ago, the IRS created rules that provided a uniform definition of a child for purposes of claiming certain tax benefits such as the head of household filing status, the child tax credit, the dependent care credit, arid the earned income tax credit.
Personal Quick Tip
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Sales Tax Deduction
The optional sales tax deduction has been extended for the 2016 tax year. This means you can elect to deduct your state sales tax in lieu of your state income tax when you itemize deductions.