Ten Recordkeeping Rules and Five Bonus Tips in Claiming Travel Expense

Good recordkeeping may not be in the list of business secrets of successful entrepreneurs. But for the company’s accountant or bookkeeper, it is very important.  It can significantly reduce the…

How to Get Reimbursed for Tips and Other Incidental Expenses During a Business Trip

Traveling for business has a lot of perks. It may mean spending some time away from the office and dealing with a lot of tasks as a result, but for…

How Freelancers Can Write Off their Business Travel Expenses

While there are many risks of being a freelancer, it cannot be denied that there are plenty of benefits, too. One advantage of being self-employed is that you can make…

Deducting Your Trip To India – Detailed Business Expense Guide

Suppose that you have just arrived from a two week trip to Europe, where you were able to close some deals while visiting some old friends. You’re so happy not…

Claiming Auto Repair Expenses as Tax Credit

Claiming Auto Repair Expenses as Tax Credit

Expenses for car or auto repairs can be considered as tax deductions, subject to certain limitations and rules. Before you start filing your tax return, here are some important points…

Tax Credit on Car Expenses: Standard Mileage Rate vs. Actual Expenses

Tax Credit on Car Expenses: Standard Mileage Rate vs. Actual Expenses

Many people are still confused on what amount to deduct from their tax for expenses incurred on a personal vehicle’s repairs. They are given two options: deducting the actual expenses…

writing off car expenses

Writing Off Car Expenses

The Six Different Ways of Writing off Car Expenses Cars are among the most costly items anyone can own but you can use them to reduce your taxes by writing…

car deduction

How to Make Tax Deductions for Cars and Trucks ?

Cost of operating a truck, car or other kind of automobile is tax-deductible when moving and relocating or driving for medical, business or charity purposes. The deduction made corresponds to…

Understanding the Complexities of Capital Gains Tax in India

A few years ago, Aarav inherited a parcel of land from his parents.  Since he lives in the city and has no plans of going back to his hometown, he…

Dealing with IRS and other Tax Audits

It’s one of those fears that bog the minds of rich people and even ordinary taxpayers—getting audited by the IRS. But what are the chances that you’ll be audited by…