As you probably already know, food and lodging expenses can be deducted when you are away from home for business purposes. This may be particularly beneficial to self-employed individuals who travel extensively. Like everything in the tax law, there are certain rules to follow. Travel, meal, and entertainment expenses must be “ordinary” and “necessary” in carrying on your trade … [Read more...] about Tax Tips for the Well-traveled Businessperson
Small Business
How to Create a Progress Invoice from an Estimate
Not using progress invoices? Maybe you should be. The U.S. economy may be picking up, but your customers are probably still being very careful with expenditures. If your company’s finances will allow it, you can help them out on sizable jobs by using progress invoicing, also known as partial billing or progress billing. You could, of course, simply create invoices for smaller … [Read more...] about How to Create a Progress Invoice from an Estimate
June 2013 Business Due Date Reminders
June 17 - Employer’s Monthly Deposit Due If you are an employer and the monthly deposit rules apply, June 17 is the due date for you to make your deposit of Social Security, Medicare and withheld income tax for May 2013. This is also the due date for the non-payroll withholding deposit for May 2013 if the monthly deposit rule applies. June 17 - Corporations Deposit the … [Read more...] about June 2013 Business Due Date Reminders
Preparing Purchase Orders Precisely
Modifying the default template makes tracking easier, more accurate. Part of the reason for QuickBooks’ success is its exceptional flexibility. By allowing users to turn features and preferences on and off, the same software can be used by a wide variety of business types and sizes. In some cases, the default settings that QuickBooks supplies will work fine for your company. … [Read more...] about Preparing Purchase Orders Precisely
March 2013 Business Due Dates
March 15 - Social Security, Medicare and Withheld Income Tax If the monthly deposit rule applies, deposit the tax for payments in February. March 15 - Non-Payroll Withholding If the monthly deposit rule applies, deposit the tax for payments in February. March 15 - Corporations File a 2012 calendar year income tax return (Form 1120 or 1120-A) and pay any tax due. If you … [Read more...] about March 2013 Business Due Dates