• LinkedIn
  • YouTube
  • Twitter
  • Facebook
  • Google+

Small Business Tax Q&A: August ’17

Get PDF file

by on
in Small Business Tax

No tax break for parking tickets

Q. I had to pay parking tickets during a recent business trip. Are they deductible? M.E., Ho-Ho-Kus, N.J.

A. No. Certain expenses are nondeductible, even if they are directly related to your business, because of public policy. This includes fines imposed by municipalities and states for offenses such as parking violations, speeding, reckless driving or driving while intoxicated. However, if you incurred regular parking fees while away on business, those costs are deductible whether you write off your actual expenses or use the standard mileage rate. The standard mileage rate for 2017 is 53.5 cents per business mile.

Tip: If your company uses a fringe benefit plan to reimburse parking fees, the maximum tax-free monthly reimbursement in 2017 is $255.

Avoiding the wash sale rule

Q. I sold stock from a company at a loss and then acquired bonds of the same company. Does the wash sale rule apply? M...(register to read more)

To read the rest of this article you must first register with your email address.

Email Address:

Related Articles...

Leave a Comment