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Your questions answered

According to the tax code, any business expense that is “ordinary, necessary and reasonable” will qualify as a deduction that will decrease the profits of your business for tax reasons.

According to the Internal Revenue Service (IRS), these are any expenses which are “helpful and appropriate” for you business.

For example, if you purchase a new computer for your small business, or buy stationary to send out your mailings, these expenses would probably be considered ordinary and necessary.

However, if you buy a new computer for your son to use in his room, this would not be a business expense even if you ran your small business from home.

There are a few expenses that are explicitly prohibited from being considered an ordinary and necessary business expense, such as:

Bribes to public officials; Traffic tickets; Home telephone expenses; and Clothing that you wear while on the job (unless you’re required to wear a uniform).

The short answer is yes, but you’ll need to do some calculations to determine how much can be deducted. This can be determined by using either the standard mileage method or the actual expense method.

Yes, but only a limited amount. Under the IRS rules, you are only allowed to deduct 50% of expenses that you incur for entertaining clients or customers.

Some examples of qualified business entertainment expenses include taking potential clients to a baseball game, dinner at fine restaurants, or even bringing over some of your best customers to your home for a BBQ and football on TV.

When claiming these business-related entertainment deductions, you should keep in mind that you need to have documents showing that the entertainment was related to your business in case you are audited.

Be sure to keep a guest list (including the business relationship), and any receipts.

Current expenses are those that can be deducted from your business’ total income in the year they are expended.

Eg – everyday costs of keeping your business going, such as: Rent for your office; Stationary/supplies; and Utilities.

Capital expenses are the money that you spend that will help generate revenue for your business in the future.

Eg – copier or a car

However, there is an important exception to the normal capital expenses write off rules. A Section 179 deduction allows you to fully deduct capital expenses in the year that you incur those expenses.

Yes, however, if you take your family along on your business trip, you can only deduct as much as you would if you’d taken the business trip on your own.

If you run your business out of your home, you may be able to take the home office tax deduction.

This deduction allows you to deduct part of your expenses for rent (or mortgage payments), utilities, insurance and even remolding.

You should always keep business records organized and in a safe place. These records can include:

Rent/Mortgage; Automobile costs; Utility bills; Expenses related to advertising; Travel costs; Entertainment for your business; and Professional fees, such as license costs.

The tax benefits that come from incorporating are really geared towards companies that are profitable from year to year.

The process of incorporating and maintaining your corporate status comes with costs. Therefore, you should really only think about incorporation for the tax benefits if you’re sure that your business is profitable and will maintain is profitability.

If you’re planning on keeping your own books, you should invest in a good book keeping program and also think about taking a class to help you learn the program. When you’re ready to do your taxes, you should also invest in tax software.

Many small business owners that keep their own records hire a professional for a few hours to make sure their bookkeeping system is properly set up.

The answer to this question really depends on how you treat the workers. For example, if you’re going to be telling the workers where, when and how to perform their job duties, then you should treat them as employees because that is how the IRS will classify them.

You should really only treat workers as independent contractors if they have their own business and offer their services to several clients. As you can run into trouble with the IRS for misclassifying workers.