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Common Accounting Mistakes: Government Edition - Issue #8 Unallowable Expenses

SMBAccountant

Here are some common examples of unallowed expenses: Alcohol – the government will not reimburse alcohol even though it is a legitimate business expense for entertainment of potential or current clients. Bonuses & tuition reimbursement – Both bonuses and tuition reimbursement CAN be allowed under certain circumstances.

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How to create effective business expense reports.

Airbase

Monthly expense reports: Long-term expense reports: Recurring expense report: Travel and entertainment (T&E) expense reports: Content of a business expense report. Travel and entertainment (T&E) expense reports: Purpose: Travel expense reports are specifically designed to track expenses related to business travel and entertainment.

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Save on Your Business Taxes – 6 Useful Planning Tips from the Experts

MyIRSRelief

Another expense which you are legally entitled to claim a portion of your tax return back from, is travel. You can legally juggle personal journeys with business journeys, so again, that is certainly worth considering. Always deduct travel expenses. Fund your own retirement plan. Deduct the cost of gifts.

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Why Hiring a Tax Pro Boosts Your Small Business (and Saves You Money)

MyIRSRelief

They stay current on the latest regulations, ensuring your business maximizes legal tax breaks on forms like 1120, 1120S, and 1065, while minimizing liabilities. EAs and the Formidable Forms: 1120 (C Corporations): C corporations are separate legal entities from their owners. This scenario can jeopardize your business’s future.

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Save on Business Taxes – 6 Useful Planning Tips from the Experts

MyIRSRelief

Another expense which you are legally entitled to claim a portion of your tax return back from, is travel. You can legally juggle personal journeys with business journeys, so again, that is certainly worth considering. Always deduct travel expenses. Fund your own retirement plan. Deduct the cost of gifts.

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What Do Taxes Have to Do with the NBA Finals?

CPA Practice

Highly paid entertainers and celebrities also deal with hefty income taxes for income earned outside their home states.) Are jock taxes legal? Jock taxes have faced legal challenges from players over the years. The jock tax tends to get attention because of the money involved with multimillion-dollar athletic contracts.

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Pop Star Shakira to Face Second Tax Fraud Probe in Spain

CPA Practice

Prosecutors said Shakira listed the Bahamas as her legal residence from 2012 to 2014, even though she was living in Barcelona with her then-boyfriend, Spanish soccer star Gerard Piqué, at the time. The entertainer, whose full name is Shakira Isabel Mebarak Ripoll, has denied any wrongdoing.

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