February 25th, 2010 -- Posted in HowTo Business Questions, Tax Tips, Vacations and Fun, Wealth Strategies |
A couple of weeks ago prior to my departing on a pleasure / business trip to Mexico I asked the question – will any of it be tax deductible?
I noted in the last few posts how to qualify for the deduction, and I did in these categories:
- Traveled more than 300 miles to my destination, so it required over night stay
- I did not travel on a cruise ship
- I did work on Mondays and Fridays
- It was beneficial for me to stay over weekends (airfare would have increased)
However, because I was exploring new business opportunities I had not scheduled any specific continue reading »
February 18th, 2010 -- Posted in HowTo Business Questions, Tax Tips, Vacations and Fun, Wealth Strategies |
In keeping with our tax tips for business travel, can you deduct the cost of cleaning your dirty laundry?
- You sure can, and you don’t have to even have them cleaned while away. What counts is where they get dirty, so you can deduct your 1st dry cleaning bill when you get home! Remember to keep all receipts for documentation.
What is considered a full days travel if going by car?
- IRS employees receive a full days per diem for each 300 miles of travel. If it is the magic number for them, it must be for us as well. So work your schedule around to continue reading »
February 14th, 2010 -- Posted in Time Management, Wealth Strategies, personal development |
As I meet and work with more and more successful entrepreneurs here are 5 of the traits I see they have in common:
- Find a business you are passionate about and then it will become a part of you. A strong entrepreneur is always thinking of business. It won’t feel like work when you love what you do and you are a part of the whole.
- Keep a list of business ideas. Never discount them as being irrelevant and always continue reading »
February 10th, 2010 -- Posted in HowTo Business Questions, Tax Tips, Wealth Strategies |
Have you ever thought of hiring your spouse? If there’s a legitimate business reason to do so, you may be able to deduct travel expenses for the both of you. If that’s not a possibility, there is nothing to stop you from bringing them on a business trip with you, but their expenses will not be deductible.
In order for them to qualify for the deductions ask yourself these questions:
- Are they a bona fide employee of my business
- Are they traveling with me for continue reading »
