Saving on business meals

Under the recently enacted Tax Cuts and Jobs Act (TCJA), there has been a crackdown on which meal and entertainment expenses are tax deductible. Under the previous law, 50% of all business-related meal and entertainment expenses were tax deductible at the end of the year, but the TCJA has cut this discount down to solely meal related expenses. This change initially caused confusion, but a recent notice sent out by the IRS was able to make light of the new rules. In order to make to proper deductions and fully utilize the law for your business, it is important to understand the rules of what can be deducted and how to record it.

Under the TCJA meal expenses are still 50% tax deductible

The most important part of getting the full deduction for your business is making sure to obtain receipts that denote separate charges for food bought in connection with … Read More

Making your tax return easy

Filing a tax return that is both accurate and yields the optimal savings can be a stressful and burdensome process. Whether working on your own or with a tax professional, the changes in tax laws and the plethora of documents can make the process confusing and leave you wondering whether you are putting the correct information in the correct places. The most useful practice you can utilize to help yourself through this process is to locate and organize your most important tax, wage, and spending documents. If you can follow the steps in this article, it will not only streamline the filing process by providing easy access to all necessary information, it will allow you to provide audit-proof information that leads to greater savings.

Having all your documents ready makes filing quick and easy.

Step 1. The first thing you should do when gathering documents is to accumulate your most recent … Read More