2 results for tag: Business Deductions
Know These Four Magic Business Mileage Rules
Parts of this article are published with permission from Bradford Tax Institute, © 2021 Daniel Morris, Morris + D’Angelo
When you know the rules related to business mileage, you
Protect yourself in the event of an IRS audit, and
Pay less tax.
Take Henry, for example. Before he knew the mileage rules, he deducted 30 percent of his SUV’s cost. Once he learned the rules, he deducted 92 percent.
Or look at poor Mark; he lost almost all his vehicle deductions in an IRS audit. Be like Henry! Here’s how...
Start with this brief four-question quiz on the mileage rules that apply to your business (regardless of business type).
Quest...
Deduct 100 Percent of Your Business Meals under New Rules
Parts of this article are published with permission from Bradford Tax Institute, © 2021 Daniel Morris, Morris + D’Angelo
As a subscriber (member), you know that we try to find multiple ways for you to legally deduct 100 percent of your business meal expenses versus the typical 50 percent.
Now, thanks to a new law enacted December 27, 2020, new IRS regulations, and a new IRS notice (yep, all three are new), you have fresh opportunities for writing off 100 percent of your business meals.
For 2021 and 2022, you can deduct 100 percent of your business meals by paying attention to a few new, easy rules.
We’ll explain how this new, ...