Taking excessive deductions can also trigger an audit. The IRS is particularly concerned about deductions for business expenses, such as office supplies and travel expenses, that are not backed up by proper documentation. Math Errors Making simple math errors on a tax return can also trigger an a...
IRS updates special per diem rates for 2013–2014 travel expenses
Pub 463 Travel, Gift and Car Expenses Pub 501 Exemptions, Standard Deduction, and Filing Information Pub 502 Medical and Dental Expenses Pub 503 Child and Dependent Care Expenses Pub 504 Divorced or Separated Individuals Pub 505 Tax Withholding and Estimated Tax Pub 509 Tax Calendars Pub 510 Excis...
Publication 535, Business Expenses is the definitive source on what expenses are allowable deductions. The guide also provides guidance on which records and receipts to keep when deducting business expenses to be fully compliant. Business expenses are separate and distinct from the cost of goods, per...
Tax reform changed rules related to moving expenses. Are moving expenses tax deductible? For most people, the answer is no. Military personnel can still claim the deduction but must meet certain requirements to qualify.
Impact on business partnerships; Applicability of memorandum to all types of partnerships; IRS' depending clauses on the deductibility of expenses; Business expenses including meals, travel and entertainment; Reimbursement; Section 162(...
Rates covered include the special transportation industry rate and the rate for the incidental expenses only deduction. Also mentioned is the rate for any locality of travel inside or outside the U.S. for the incidental expenses only deduction....
Keeping accurate mileage logs is not just a good practice for tax purposes, but it can also help you claim reimbursements for business-related travel expenses. By following these guidelines, you can ensure that you are properly documenting your mileage and adhering to company policies. ...
Tags: flexible spending account, FSA, FSA eligible expenses, health care, health insurance, healthcare, medical, medical expenses, medical FSA, OTC, over the counter, tax, tax planning, taxes, use-it-or-lose-it rule, workplace benefits IRS launches new tax enforcement campaign; focus include...
IRS Publication 463, Travel, Gift, and Car Expenses This includes your miles.Commuting mileageis any mileage between your home and a regular place of work, even if you only work there part-time. You cannot deduct commuting mileage from your taxes, even if: ...