Travel & Tourism Professionals
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Activity:
8 views;
last activity : 07 06 2010 20:18:09 +0000
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Hire a knowledgeable CPA.
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Know the tax deduction loopholes.
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Use separate lines of credit.
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Separate work and personal activities.
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It is strongly suggested that entrepreneurs enlist the services of a
knowledgeable Certified Public Accountant (CPA). The CPA must be
up-to-date on IRS rules, understand your business and processes to
handle not only financial statements, but for tax purposes as well.
"CPA's do know these rules that are pretty archaic and some of these
things are not common knowledge."
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Most employers are familiar with the expense rule that only 50 percent of costs of their meals are deductible; however, few realize that that's not always true. "When the meal is offered as a benefit to the public such as an outdoor food festival or an event where the business is promoting itself (think sponsorship and an advertising expense), then the cost of the meal is fully deductible by the company." Another exception to the rules: some airlines offer discounts for traveling on a Saturday. Dubbed the "Saturday night stay," this means you can charge an extra night even if it's personal, but only in the event that the total costs are cheaper than flying on a Friday. |
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Travel expenses for someone such as a spouse, family member or a dependent accompanying you on a business trip cannot be deducted unless the person meets all three of the following criteria : (1)is your employee; (2)has a real business purpose for the travel (incidental services like taking notes aren't enough); and(3)would otherwise be allowed to deduct the travel expenses. Hence follow a separate line of credit for spouse or non business partner accompanying you. |
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If your trip is partially business and partially personal, the amount
you can deduct will depend on how much time you actually spend on
business,
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