Class 2b Business Deductions Travel, Transport, Entertainment and Home Office

Class 2b Business Deductions Travel, Transport, Entertainment and Home Office

Info iconThis preview shows pages 1–8. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Common Limited Business Deductions Presented by Akore Berliner, CPA Ordinary , necessary , and reasonable expenses incurred while operating a business Transportation Travel Education Entertainment Gas / Car or Truck Expenses Deduction is limited only from job site to job site commuting to/from temporary work place Employee Commuting from home to work and back is nondeductible ! Exceptions:  Additional costs incurred to transport heavy tools  Employees with more than one job Deduct Either: 1. Actual expenses OR  Must keep adequate records of all expenses and depreciation is limited, or 1. Standard Mileage Rate  55 cents per mile for business miles for 2009  Plus parking, tolls, etc.  Adequate documentation of mileage required Transportation, lodging, 50% meals, and miscellaneous expenses Expenses while away from tax home overnight on business  Longer than ordinary work day  Taxpayer will need to rest during release time  Temporary situation (not in excess of 1 year)  Tax Home = business location, post, or station of the taxpayer Convention travel expenses Must be directly related to taxpayers trade or business (not for education)  Example: Doctor attending out-of-town seminar on estate planning would not have deductible travel expenses Accompaniment by the spouse or dependent must serve a bona fide business purpose Meals, lodging and other expenses must be allocated...
View Full Document

This note was uploaded on 08/11/2011 for the course ACCT 103 taught by Professor Huxhold during the Spring '11 term at San Diego.

Page1 / 22

Class 2b Business Deductions Travel, Transport, Entertainment and Home Office

This preview shows document pages 1 - 8. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online