Cspcpa.com

Traveling for business again

The actual costs of travel (for example, plane fare and cabs to the airport) are deductible for out-of-town business trips. You’re also allowed to deduct the cost of meals and lodging. Your meals are deductible even if they’re not connected to a business conversation or other business function. The Consolidated Appropriations Act includes a

Actived: 3 days ago

URL: https://www.cspcpa.com/2021/06/29/traveling-for-business-again-what-can-you-deduct/

Can you deduct business travel when it’s combined with a

(9 days ago) Travel to and from your departure airport, airfare, baggage fees, tips, cabs, etc. Costs for rail travel or driving your personal car are also eligible. Once at the destination, your out-of-pocket expenses for business days are fully deductible. Examples of these expenses include lodging, meals (subject to the 50% disallowance rule), seminar

Category:  Travel Go Now

Tax-smart domestic travel: Combining business with

(3 days ago) Your travel days count as business days, as do weekends and holidays — if they fall between days devoted to business and it wouldn’t be practical to return home. Standby days (days when your physical presence might be required) also count as business days, even if you aren’t ultimately called upon to work on those days.

Category:  Travel,  Holiday Go Now

Combining business and vacation travel: What can you

(3 days ago) Travel to and from your departure airport, airfare, baggage fees, tips, cabs, and so forth. Costs for rail travel or driving your personal car are also eligible. Business days vs. pleasure days. The number of days spent on business vs. pleasure is the key factor in determining if the primary reason for domestic travel is business.

Category:  Travel Go Now

Cordasco & Company 912.353.7800

(3 days ago) Many companies have resumed some level of business-related travel and entertainment (T&E) activities — or they plan to do so this fall. Unfortunately, these expense categories may be susceptible to incomplete recordkeeping and even fraud. So, it’s important for companies … Continue reading …

Category:  Travel Go Now

Be sure your employee travel expense reimbursements will

(6 days ago) Travel reimbursements also come with tax benefits, but only if you follow a method that passes muster with the IRS. The TCJA’s impact Before the TCJA, unreimbursed work-related travel expenses generally were deductible on an employee’s individual tax return (subject to a 50% limit for meals and entertainment) as a miscellaneous itemized

Category:  Travel Go Now

Choosing the best way to reimburse employee travel

(4 days ago) While unreimbursed work-related travel expenses generally are deductible on a taxpayer’s individual tax return (subject to a 50% limit for meals and entertainment) as a miscellaneous itemized deduction, many employees won’t be able to benefit from the deduction.

Category:  Travel Go Now

Business deductions for meal, vehicle and travel expenses

(Just Now) Subject to various rules and limits, business meal (generally 50%), vehicle and travel expenses may be deductible, whether you pay for the expenses directly or reimburse employees for them. Deductibility depends on a variety of factors, but generally the expenses must be “ordinary and necessary” and directly related to the business.

Category:  Travel Go Now

Best practices for reporting business-related T&E expenses

(2 days ago) Traditionally, executives, salespeople and other workers who travel or entertain customers for business must submit expense reports after each trip or by the end of each month. Once approved by supervisors, expense reports enable workers to get …

Category:  Travel Go Now

You might save tax if your vacation home qualifies as a

(6 days ago) Be sure your employee travel expense reimbursements will pass muster with the IRS → You might save tax if your vacation home qualifies as a rental property 19 November 2018 | by Cordasco

Category:  Travel Go Now

Tax Preparation Checklist

(8 days ago) travel, etc.) Home office expenses: office square footage and total home square footage, utilities, repairs and other home expenses Taxes you’ve paid State and local income taxes paid Real estate taxes paid Personal property taxes Sales tax on large purchases, such as vehicles, boats, etc. Other information

Category:  Travel Go Now

Claiming a federal tax deduction for moving costs

(4 days ago) Meal costs during move-related travel aren’t deductible. Nor is any part of the purchase price of a new home or expenses incurred selling your old one. And, if your employer later reimburses you for any of the moving costs you’ve deducted, you may have to include the reimbursement as income on your tax return.

Category:  Travel Go Now

Tax Tips for Military Spouses Cordasco & Company

(4 days ago) Travel to Reserve Duty – Any travel expenses are deductible if the reserve duty station is over 100 miles from the service member’s home. ROTC Students – Subsistence Allowances paid to ROTC students participating in advanced training are not taxable, however active duty pay such as Summer advanced camp is taxable.

Category:  Travel Go Now

Blog Cordasco & Company 912.353.7800

(8 days ago) Traditionally, executives, salespeople and other workers who travel or entertain customers for business must submit expense reports after each trip or by the end of each month. Once approved by supervisors, expense reports enable workers to get …

Category:  Travel Go Now

Federal Tax Developments for 2016 Third Quarter Cordasco

(2 days ago) For post-September 30, 2016 travel, the IRS-approved per diem rate for high-cost areas is $282. For post-September 30, 2016 travel, the IRS-approved per diem rate for all other areas is $189. The rate for the incidental expenses only deduction is $5 per day for post-September 30, 2016 travel. Tax administration

Category:  Travel Go Now

Small Business Tax Preparation Checklist

(7 days ago) Transportation and travel expenses oLocal transportation Business trip (mileage) log Contemporaneous log or receipts for public transportation, parking, and tolls oTravel away from home Airfare or mileage/actual auto expense Hotel Meals, tips Taxi, tips Internet connection (hotel, Internet café, etc.)

Category:  Travel,  Hotel Go Now

Less than 6 months until the new contract revenue guidance

(3 days ago) Choosing the best way to reimburse employee travel expenses → Less than 6 months until the new contract revenue guidance goes live! 13 September 2017 | by Cordasco

Category:  Travel Go Now

Meals, entertainment and transportation may cost

(5 days ago) Transportation expenses for employee work-related travel away from home are still deductible (and tax-free to the employee), as long as they otherwise qualify for such tax treatment. (Note that, for 2018 through 2025, employees can’t deduct unreimbursed employee business expenses, such as travel expenses, as a miscellaneous itemized deduction.)

Category:  Travel Go Now

Good records are the key to tax deductions and trouble

(7 days ago) In this case, married taxpayers were partners in a travel agency and owners of a marketing company. The IRS denied their deductions involving auto expenses, gifts, meals and travel because of insufficient documentation. The couple produced no evidence about the business purpose of gifts they had given.

Category:  Travel Go Now

Tax Relief for Military Spouses Cordasco & Company

(6 days ago) Travel to Reserve Duty – Any travel expenses are deductible if the reserve duty station is over 100 miles from the service member’s home. ROTC Students – Subsistence Allowances paid to ROTC students participating in advanced training are not taxable, however active duty pay such as Summer advanced camp is taxable.

Category:  Travel Go Now

If your kids are off to day camp, you may be eligible for

(3 days ago) Tax-smart domestic travel: Combining business with pleasure → If your kids are off to day camp, you may be eligible for a tax break 08 August 2019 | by Cordasco

Category:  Travel Go Now

New COVID-19 relief law extends employee retention credit

(2 days ago) Full or partial suspension of operations during any calendar quarter because of governmental orders limiting commerce, travel or group meetings because of COVID-19, or; Significant decline in gross receipts (less than 50% for the same calendar quarter in 2019). The definition of “qualified wages” depends on staff size.

Category:  Travel Go Now

Executive Assistant Cordasco & Company

(9 days ago) • Coordinate travel arrangements; prepares itineraries; prepares, compiles and maintains travel vouchers and records. • Operate office equipment, such as photocopy machine ad scanner. • Receive and relay telephone messages. • Direct the general public to the appropriate staff member. • Maintain hard copy and electronic filing system.

Category:  Travel Go Now

Volunteering for charity: Do you get a tax break

(2 days ago) Deductions are permitted for away-from-home travel expenses while performing services for a charity. This includes out-of-pocket round-trip travel expenses, taxi fares and other costs of transportation between the airport or station and hotel, plus lodging and meals.

Category:  Travel,  Hotel Go Now

The chances of an IRS audit are low, but business owners

(9 days ago) Certain types of deductions may be questioned by the IRS because there are strict recordkeeping requirements for them ― for example, auto and travel expense deductions. In addition, an owner-employee salary that’s inordinately higher or lower than those in similar companies in his or her location can catch the IRS’s eye, especially if the

Category:  Travel Go Now

Answers to questions about the CARES Act employee

(7 days ago) The operation of a business is partially suspended if a government authority imposes restrictions by limiting commerce, travel or group meetings due to COVID-19 so that the business still continues but operates below its normal capacity.

Category:  Travel Go Now

Can you deduct home office expenses

(2 days ago) For employees, home office expenses are a miscellaneous itemized deduction. For 2017, this means you’ll enjoy a tax benefit only if these expenses plus your other miscellaneous itemized expenses (such as unreimbursed work-related travel, certain professional fees and investment expenses) exceed 2% of your adjusted gross income.

Category:  Travel Go Now

Top Reasons for IRS Audits Cordasco & Company

(1 days ago) Excessive expenses, especially with meals and travel expenses. Be sure to record and safe guard all receipts for these expenses which will provide proof for the IRS if your time is called. Consecutive losses on your Schedule C, Profit or Loss from Business, will raise red flags. Theoretically, businesses are created as a source to generate income.

Category:  Travel Go Now

Tax planning for investments gets more complicated

(5 days ago) ← Business deductions for meal, vehicle and travel expenses: Document, document, document Catch-up retirement plan contributions can be particularly advantageous post-TCJA → Tax planning for investments gets more complicated

Category:  Travel Go Now

The easiest way to survive an IRS audit is to get ready in

(1 days ago) Certain types of deductions may be questioned by the IRS because there are strict recordkeeping requirements for them — for example, auto and travel expense deductions. In addition, an owner-employee salary that’s inordinately higher or lower than those in similar companies in his or her location can catch the IRS’s eye, especially if the

Category:  Travel Go Now

The new COVID-19 law provides businesses with more relief

(2 days ago) The credit is available to employers with operations that have been fully or partially suspended as a result of a government order limiting commerce, travel or group meetings. The credit is also provided to employers that have experienced a greater than 50% reduction in quarterly receipts, measured on a year-over-year basis.

Category:  Travel Go Now

Scholarships are usually tax free but they may result in

(6 days ago) For example, expenses that don’t qualify include the cost of room and board, travel, research and clerical help. To the extent a scholarship award isn’t used for qualifying items, it’s taxable. The recipient is responsible for establishing how much of …

Category:  Travel Go Now

Tax deduction for moving costs: 2017 vs. 2018 Cordasco

(8 days ago) Meal costs during move-related travel aren’t deductible – nor is any part of the purchase price of a new home or expenses incurred selling your old one. And, if your employer later reimburses you for any of the moving costs you’ve deducted, you may have to include the reimbursement as income on your tax return.

Category:  Travel Go Now

Blog Cordasco & Company 912.353.7800 Page 6

(5 days ago) The actual costs of travel (for example, plane fare and cabs to the airport) are deductible for out-of-town business trips. You’re also allowed to deduct the cost of meals and lodging. Your meals are deductible even if they’re not connected to a business conversation or other business function. The Consolidated Appropriations Act includes a

Category:  Travel Go Now

Buy business assets before year end to reduce your 2018

(4 days ago) Business deductions for meal, vehicle and travel expenses: Document, document, document → Buy business assets before year end to reduce your 2018 tax liability 19 December 2018 | …

Category:  Travel Go Now

Blog Cordasco & Company 912.353.7800 Page 5

(5 days ago) Businesses need financial information that’s accurate, relevant and timely. The Securities and Exchange Commission requires publicly traded companies to follow U.S.

Category:  Travel Tips Go Now

Is an HSA right for you

(8 days ago) To help defray health care costs, many people now contribute to, or are thinking about setting up, Health Savings Accounts (HSAs). With these accounts, individuals can pay for certain medical expenses on a tax advantaged basis.

Category:  Travel Tips Go Now

Tax Reform Series 15 – Various Itemized Deduction Changes

(Just Now) Plain Language of Change: All miscellaneous itemized deductions subject to the 2% floor is repealed for tax years 2018 through 2025; For tax years 2018 through 2025, to the extent there are gambling winnings, gambling losses include actuals costs incurred to gamble (i.e. travel)

Category:  Travel Go Now

Individual tax calendar: Important deadlines for the

(4 days ago) While April 15 (April 17 this year) is the main tax deadline on most individual taxpayers’ minds, there are others through the rest of the year that you also need to be aware of.

Category:  Travel Tips Go Now

2012 YEAR-END INCOME TAX PLANNING FOR CORPORATE …

(6 days ago) 2 S Corporation Shareholders And Limited Partners Should Consider Taking Steps Before 2013 To Minimize Exposure To The New Medicare Surtaxes On “Passive” Business Income. Starting in 2013, there is a new 3.8% Medicare Surtax on the “net investment income” of

Category:  Travel Tips Go Now

3 traditional midyear tax planning strategies for

(9 days ago) ← Business deductions for meal, vehicle and travel expenses: Document, document, document Close-up on the new QBI deduction’s wage limit → 3 traditional midyear tax planning strategies for individuals that hold up post-TCJA

Category:  Travel Go Now

Business standard mileage and other rates increase for

(1 days ago) IRS has announced that the optional mileage allowance for owned or leased autos (including vans, pickups or panel trucks) is 51¢ per mile for business travel after 2010. That’s 1¢ more than the 50¢ allowance for business mileage during 2010.

Category:  Travel Go Now

Use benchmarking to swim with the big fish Cordasco

(7 days ago) You may keep a wary eye on your competitors, but sometimes it helps to look just a little bit deeper. Even if you’re a big fish in your pond, someone a …

Category:  Travel Tips Go Now

What’s new for 2014 Cordasco & Company

(3 days ago) The optional mileage allowance for owned or leased autos (including vans, pickups or panel trucks) will decrease by 0.5¢ to 56¢ per mile for business travel after 2013. This rate can also be used by employers to reimburse tax-free under an accountable plan employees who supply their own autos for business use, and to value personal use of

Category:  Travel Go Now

Summer is a good time to start your 2017 tax planning and

(8 days ago) Some examples include substantiation of charitable donations, receipts from work-related travel not reimbursed by your employer, and documentation of medical expenses not reimbursable by insurance or paid through a tax-advantaged account. For more information on summertime tax planning or organizing your tax-related information, contact us.

Category:  Travel Go Now

Are scholarships tax-free or taxable

(1 days ago) Other expenses that don’t qualify include the cost of room and board, travel, research and clerical help. To the extent a scholarship award isn’t used for qualifying items, it’s taxable. The recipient is responsible for establishing how much of an award is used for tuition and eligible expenses.

Category:  Travel Go Now

How to classify shareholder advances Cordasco & Company

(1 days ago) Business deductions for meal, vehicle and travel expenses: Document, document, document → How to classify shareholder advances 27 August 2018 | by Cordasco

Category:  Travel Go Now

Adopting a child

(8 days ago) To qualify for the credit or the exclusion, the expenses must be “qualified.” These are the reasonable and necessary adoption fees, court costs, attorney fees, travel expenses (including amounts spent for meals and lodging) while away from home, and other expenses directly related to the legal adoption of an “eligible child.”

Category:  Travel Go Now

Related topics