Are you looking to get away? Perhaps attend a business convention on a tropical island? You can deduct the cost of the trip if the primary purpose is business related.
When the rules of the game change, tactics should follow in response to the new landscape. While estate tax exemptions have ridden an uncertain roller coaster in recent years, the rules appear to be stabilizing, prompting many to reconsider conventional estate strategies.
When it comes to setting up a tax-favored retirement plan — such as a 401(k) plan, a pension or profit sharing plan, or a simplified employee pension (SEP) plan — medical practice partnerships must follow essentially the same federal income tax rules as other employers.
Many business owners fail to follow the strict tax rules for substantiating vehicle expenses. But if your business is audited, the IRS will most likely ask for mileage logs if you deducted vehicle expenses — and it tends to be especially critical of the amount deducted if you’re self employed or you employ relatives.
Are you thinking about divesting a real estate investment and then replacing it with another property? If you sell appreciated property outright, you’ll incur a taxable gain, which lowers the amount available to spend on the replacement property.
Keeping customers happy is essential for ongoing business success in any economy.