Treatment of Transportation Expenses When Not Traveling Away from Tax Home

When you ride a cab or get in your own car to do business somewhere, have you ever thought of your transportation costs and how much of it you can…

Meal Expenses: How Much Can You Deduct?

Treating your customers and employees occasionally is one of the best ways to build your business. Going the extra mile to make them feel valued goes a long way, although…

Where is Your Tax Home?

If your job requires you to travel from time to time, some of the expenses that you incur while traveling away from home may be entitled to tax deductions. In…

Employment Matters: The Difference Between Contractors and Employees

When there’s extra work that needs to get done and there are no sufficient employees to do the job, companies usually hire more workers to keep up with the customer…

How to Simplify Business Taxes

If the only purpose of the tax system is to raise the government’s revenue, it could have been simpler. Unfortunately, its goals include ensuring efficiency, fairness and enforceability, influencing social…

When to Incorporate and When Not to Incorporate

It is true that operating as a corporation has its share of drawbacks in certain situations. For example, as a business owner, you would be responsible for additional record keeping…

What is Incorporation and How Does It Work?

One of the first decisions you have to make in creating an incorporation is the type of business you want to create. A sole proprietorship? A corporation? A limited liability…

Choosing the Right Business Structure

 Out of all the choices you make when starting a business, one of the most important is the type of legal structure you select for your company. Careful consideration of…

FBAR: Who Should File?

Under the American tax law, if you are a U.S. citizen who has either signature authority over or a financial interest in any foreign financial account, you are required to…

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…