This blog is to show you how to legally deduct "fun" expenses, money you are already spending, from your taxable income. Therefore, leaving you more money to spend!
Most small business owners follow one of two routes when it comes to including business expense tax deductions on their federal and state tax returns; either they include expenses that the IRS does not allow as deductible from taxable income, or to be on the conservative side, they don’t take all the expense deductions that are legally deductible.
Small businesses are the backbone of the American economy. Our government recognizes this fact, and because of this, there are certain expense deductions that are “mandated” by law to allow for small businesses to prosper. We should all “give to Caesar what is Caesar’s”, but we also want to take all expenses allowable in order to foster an economic climate that insures the continuity of small businesses.
Nothing excites us more than to be able to share with you, a small business owner, how to be more profitable using "fun deductions"!
What could be more fun than to be able to deduct your hunting and fishing expenses from taxable income, to be able to take an extended business trip and include some down time for fun and recreation, or maybe being able to spend more time with your children or grandchildren by letting them take part as an employee in the growing of your business!
Probably the most misunderstood class of allowable expense deductions from taxable income pertains to “Meals and
We will cover:
• business trips that include personal recreation
• hobbies that you spend lots of dollars on
• including your children and your grandchildren on your payroll
• expenses related to working away from home for an extended period of time
• meals and
• any other category of expense that you as the reader would like for us to include
You’ll see a way to subscribe to our blog on the sidebar. Once you have subscribed to our blog, our new monthly postings will be delivered directly to your email. Or you can bookmark our page for easy retrieval.
We want to hear from you! Please let us know if there is any particular area of small business expense deductions that you would like for us to cover in future posts.
We encourage you to leave comments. We'll reply to all questions within a week, and errors in the posts will be acknowledged in the comment area. Feel free to disagree with my points if there is need for disagreement, but keep in mind that all off-topic comments, disparaging comments, comments with more than one link, and comments that include profanity will be deleted.
Until then, may you be blessed mightily and prosper always!
http://www.abundanceaccounting.com/
