Sorry, but you can’t take a summer vacation from tax planning. Take your eye off the ball midway through the year, and you could miss out on valuable tax deductions and credits ripe for picking.
Here are 11 summertime tax moves that could make you smile come tax-return time:
1. Treat clients to a fishing trip or a day on the links this summer. You can deduct 50 percent of your entertainment expenses for clients—meals, drinks etc.— if the entertainment is associated with your business (i.e., preceding or following a substantial business discussion).
Take advantage of summer weather to entertain clients outdoors instead of in a stuffy restaurant, and deduct the costs. Tip: You can’t claim depreciation deductions for an entertainment facility such as a lakeside cabin, but you can write off qualified entertainment at the facility.
2. Sidestep a depreciation tax trap. Under the half-year convention, your business can write off th...(register to read more)