Unfortunately Microsoft doesn’t pay us to say this, but one of the easiest ways to track business mileage is MileIQ. There are several other great apps for this, but did you know that MileIQ was included with a many of the Office 365 Subscription plans? Way easier than paper, and you can classify your mileage in just minutes each week.
The package includes final regulations, guidance on how to calculate W-2 wages, a safe-harbor rule for rental real estate businesses, and new proposed rules on the treatment of previously suspended losses.
It’s a new year! If you are looking for a new tax advisor, need some help with 2018’s bookkeeping, or want some consulting to help make 2019 better than 2018. January is a great time to firm up those relationships!
Is it ordinary and necessary? The IRS hasn’t issued a comprehensive list specifying what is deductible. The general rule is that if the expenditure ordinary and necessary and not addressed in some other context it is an acceptable business deduction.
We use virtual meetings regularly. Some tasks, training, & topics actually work better virtually. This type of structure can save drive time or allow us to work with clients easily who may be across the country.
Most of these tips have become part of our regular operations already, maybe they could improve the way you work?
Many businesses historically have lumped “Meals & Entertainment” into one account because they were both subject to the 50% limitation. In fact, until 2018 they actually went on the same line of most business tax returns.
We finally have some clarity from the IRS on the TCJA changes (see our post from October 3) so it’s time to get those two split apart if you haven’t already. Make sure your bookkeeper has categorized these separately before you hand your 2018 data to your tax preparer.
Business Meals are now 50% deductible
Examples include: meals, coffee, drinks with prospective clients, existing clients, suppliers, etc. (more detail here)
Don’t worry! Even though this podcast was done by the Journal of Accountancy it is not accounting specific and I can almost guarantee you won’t glaze over. John Garrett articulates this concept so well. It is absolutely worth your 30 minutes, to listen use the link below or find the episode on iTunes here.
If you do anything with numbers: bidding, accounting, finance, real estate, contracts, etc. this little $9 piece of software might be the perfect tool for you to scratch out quick calculations. I use the desktop and IOS versions daily. Do you have any go-to tools like this?