For people who own small businesses, tax filing season can be an opportunity to get a financial boost from the various deductions and credits that many entrepreneurs can take advantage of. People who are self-employed or who own companies can deduct their expenses for home offices, transportation, and costs associated with business travel.
A recent travel column in USA Today noted that taxpayers must provide receipts if they are deducting a meal or business-related entertainment expense that is $75 or higher, and that lodging expenses also require a receipt.
The newspaper column added that entrepreneurs can write off 50 percent of the cost of a business meal, as well as entertainment costs.
According to the Internal Revenue Service, deductible travel expenses can include taxi fare, tips paid for services like meals and lodging, and dry cleaning and laundry, as well as many other related expenses. The IRS also points out that travel expenses for conventions can be deducted as long as a person can demonstrate a business benefit from attending.
Every effort has been taken to provide the most accurate and honest analysis of the tax information provided in this blog. Please use your discretion before making any decisions based on the information provided. This blog is not intended to be a substitute for seeking professional tax advice based on your individual needs.