It’s summertime and the tax livin’ is easy. By making timely tax moves for your business and personal life, you can reduce your 2015 tax bill on both fronts.
Strategy: Comb through this list of 10 popular items. Then use the ones that make the most sense for your situation.
1. Extend a business trip. Suppose you’ve booked a flight to meet with an important client. Generally, you can deduct the cost of your travel—including airfare, lodging and 50% of your meals—as long as the primary purpose of the trip is business-related, even if you add on some vacation time. But costs attributable to vacation days (such as lodging, meals and local transportation) aren’t deductible. Remember: If a weekend comes between Friday and Monday workdays, you can treat Saturday and Sunday as workdays. Ditto for the days you travel to and from the business location.
2. Fire up the barbecue. Are you hosting a social gathering for business clie...(register to read more)
- Small Business Tax Deduction Strategies No matches