If your clothing purchase satisfies the requirements found in the IRS Publication 17, then they can be deducted as a business expense. Your clothing must be specifically required by your employer and must not be suitable for taking the place of your regular clothing. If your clothing does not satisfy these requirements, consider them a personal purchase.
Taxes
Raise your hand if you’re behind on your bookkeeping. (me!!) Want to know a secret? It happens, even to accountants. But please don’t beat yourself up about it. I’ve got three things you can do right now to get caught…
You can only deduct gifts up to $25 per person. Need an easy way to keep track of your client gifts? I’ve got you covered, just download my free client gift tracking spreadsheet.
Yes, since a gift certificate is essentially a promise to do work or produce a product in the future, it’s considered a liability (similar to a debt owed) on your financial statements. Once you perform the service or hand over the merchandise they purchased with the gift certificate, you take that amount out of the liability bucket, and move it into your revenue bucket.
Do you have an area on your desk or in your office where you just toss receipts and any business-related documents? I know, I’m guilty of it occasionally. Today, I’m going to share with you the method I’ve found success…
As a small business owner, I know first hand that tax season can be exhausting. If you don’t have an accountant responsible for your bookkeeping and taxes – you’re that person. On top of everything else you’re doing to keep…
Let’s meet for coffee and talk about your taxes! Could I deduct the latte and scone I got? Absolutely, as long as our meeting passes one of these tests from the IRS. Test 1: Directly-Related Test -The main purpose of…
Beginning on Jan. 1, 2018, the standard mileage rates are 54.5 cents for every mile of business travel driven, 18 cents per mile driven for medical or moving purposes, and 14 cents per mile driven in service of charitable organizations.