Small Business Taxes FAQ
Answers to common tax questions on tax deductions for small businesses.
What is -- and isn't -- a tax deductible business expense?
If I use my car for business, how much of that expense can I write off?
Can I claim a deduction for business-related entertainment?
What is the difference between current and capital expenses?
If I buy a new computer system this year, do I have to deduct the cost over a five-year period?
» I am planning a trip to a trade show. Can I take my family along for a vacation and still deduct the expenses?
I work in my home part time. Can I take the home office tax deduction?
I want to start my own small business. What do I have to do to keep out of trouble with the IRS?
Does incorporating a small business start-up offer tax breaks?
Is it safe and sensible for me to keep my own books and file my own tax returns?
I am hiring people to help out with a big job coming up. Are they considered independent contractors or new employees?
I am planning a trip to a trade show. Can I take my family along for a vacation and still deduct the expenses?
If you take others with you on a business trip, you can deduct business expenses for the trip, but no more than if you were traveling alone. If, for example, your family rides in the back seat of the car and stays in one standard motel room, then you can fully deduct your automobile and hotel expenses. But you can't claim a deduction for your family's meals or jaunts to Disneyland or Universal Studios.
If you extend your stay and partake in some of the fun after the business is over, the expenses attributed to the nonbusiness days aren't deductible, unless you extended your stay to get discounted airfare (the "Saturday overnight" requirement). In this case, your hotel room and meals would be fully deductible.
Also, you can fully deduct the cost of your airline ticket even if it features a two-for-one or companion discount.
Back to top
|
