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)
- How to Fire an Employee the Legal Way: 6 Termination Guidelines
- Small Business Tax Deduction Strategies
- S corp liable for paying low salary to sole shareholder
- 4 ways to bring domestic violence out of the workplace shadows
- FMLA protects workers before they're eligible
- Do you use subcontractors? Get solid advice on liability potential