New Tax Law Changes the Way you can Deduct Meals and Entertainment Expenses in 2018

New Tax Law Changes the Way you can Deduct Meals and Entertainment Expenses in 2018  Businesses will be affected by a major tax reform in 2018 under The Tax Cuts and Jobs Act (TCJA) which eliminates the deduction for business-related entertainment expense for amounts incurred or paid after Dec. 31, 2017. The TCJA also modifies the rules…

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Business Mileage Rates 2018

Business Mileage Rates 2018 If you’re using your vehicle for business use, it’s important to know what the mileage rate is. The 2018 mileage rate is 54.5 cents per mile. Tracking your mileage can be as easy as writing down the mileage each time you use it for business, writing down the odometer reading each…

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Vehicle Write offs

Vehicle Write offs When it comes to business vehicle expenses, you have two options. 1. Mileage or 2. Depreciation of the vehicle and actual expenses Option #1 you need to keep an accurate log of your business mileage throughout the year. If you are going to take option #2, it is important to save receipts…

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3 Common Missed Business Tax Deductions

3 Common Missed Business Tax Deductions Getting the biggest bang for your dollar is how many small businesses keep in business. Here are a few common missed tax deductions for those self-employed. Self-Employed Health Insurance Deduction (instead of Medical Expenses on Itemized Deductions) Meals/Entertainment Expenses (Additionally knowing Difference between 50% vs 100% deductible meals/entertainment) Personal…

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Top Tips to get paid faster

Top Tips to get paid faster When you’re a small business, getting paid is key to running a healthy business. It’s not always easy…. here are a few tips to getting paid faster. Set payment terms before you get started Keep accurate records of your time The invoice should be clear and easy to understand…

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