Overlooked Business Deductions, Part 2 Did you forget these also?
More business deductions you may have missed:
- Your family: Sometimes you can convert family activities into tax-deductible expenditures for your business. For instance, if you don't qualify as an employee of your business, you may be able to create deductible family medical coverage for your spouse, your children and yourself by hiring your spouse in your business.
- Travel. Travel expenses, such as airline tickets, taxi fares, baggage, shipping, your car or a rental car, overnight lodging, 50 percent of the cost of meals and other selected expenses are tax-deductible when you travel on business.
- Entertainment. You can deduct 50 percent of your business-entertainment expenses. These expenses include business meals, as well as the cost of attending entertainment where you discuss relevant business topics with a customer or client. This may also include the cost of tickets for you and your customers to attend sporting events, concerts and other forms of entertainment (excluding country club dues).
SOURCE: Ask the Experts