If you haven’t yet heard, the president has made some new proposals this week to boost the U.S. economy – one in particular to allow businesses to write off all of the investment they do in 2011.
“The proposal would allow businesses to deduct from their taxes through 2011 the full value of new equipment purchase, from computers to utility generators, to increase demand for goods and create jobs,” according to the New York Times.
How to Write Off Travel and Entertainment Expenses
Are you perplexed by the 13-page IRS guidelines for deducting travel and entertainment expenses?
How to Write Off T&E: Business Travel Expenses
If your business requires that you are away from home long enough to stay overnight, you are eligible for tax deductions related to this travel. For tax purposes, your home is your regular place of business, regardless of where you live. So if you work between Monday and Friday every week in New York, but fly home to Florida to be with your family on weekends, travel expenses like lodging and food in New York are not deductable.
One of the most frequent questions I get asked is, "What can I write off and what can't I write off in my business?" There is no simple answer to this question. Sometimes, it depends on whether you are incorporated or not, whether the asset use is strictly for business and so on and so forth. However, there are a few tips for write offs that I can pass along and share with you...http://www.e-galdesigns.com/apps/blog/