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Posts from December, 2012

  • Dollar Limitation on Business Gift Expenses As a small business owner during the holiday season, you may find yourself giving gifts to clients and/or customers. Basically, the IRS will let your business deduct up to $25 for business gifts per person during a tax year. There is no limit on how many people you can give ... Continue Reading
  • Self-Directed Retirement Plans Financing a business venture can be challenging. For some, leveraging your personal retirement account can be an option for entrepreneurs. There are rules governing almost every aspect of a person’s retirement account. Self-directing your retirement plan funds into your own ... Continue Reading
  • Unreimbursed Business Expenses Partners have a limited ability to deduct out-of-pocket expenses which they have paid on behalf of the partnership. Unreimbursed partner expenses can be deducted on Schedule E of the partner’s individual income return, but only if the partnership has a written policy which ... Continue Reading
  • 2013 Standard Mileage Rates Up 1 Cent per Mile for Business, Medical and Moving WASHINGTON — The Internal Revenue Service today issued the 2013 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2013, the standard mileage rates for ... Continue Reading