The IRS has announced a decrease in the business standard mileage rate from 54 cents per mile to 53.5 cents per mile beginning January 1, 2017. Other standard mileage rates also change. Business standard mileage rate decreases for … [Read more...]
Tax deductions: Lodging when NOT traveling away from home
We noted in our post on deductible travel expenses that hotel bills and costs of lodging incurred by an employee are generally only excludible from the employee’s income if the stay is away from the tax home of the employee. The employee’s tax home … [Read more...]
Auto deductions – the standard mileage rate method
You can deduct the cost of business use of your car using one of two methods: the actual expense method or the standard mileage rate method. The actual expense method usually gives bigger deductions in the year of acquisition. The standard mileage … [Read more...]
Tax Deductions: Working Away From Home
Deductible travel expenses are the ordinary and necessary expenses of traveling away from home for your business, job or profession. To qualify, the travel must be away from the general area of your tax home for a period substantially longer than an … [Read more...]
Deducting Business Meals & Entertainment
Part of the costs of entertaining clients and other business contacts can be deducted on your tax return, but special rules apply. 50% Limitation Entertainment expenses must meet certain tests below to qualify as tax deductions. Even then, the … [Read more...]