track business purposes

Business deductions for meal, vehicle and travel expenses: Document, document, document

Meal, vehicle and travel expenses are common deductions for businesses. But if you don’t properly document these expenses, you could find your deductions denied by the IRS.

21 Mar

April 15 is the deadline for more than just your income tax return

You know your 2025 federal income tax return is due April 15, 2026. But do you know what else has an April 15 deadline? If you don’t, you could miss out on valuable tax-saving opportunities or become subject to interest and even…

20 Mar

Better billing practices are only an easy assessment away

Efficient, accurate billing practices are critical to your business’s financial health. Billing errors or delays can lead to revenue leakage, cash-flow shortages and customer attrition. If your company is struggling with billing issues — or it’s been a while since…

20 Mar

To maximize — or not to maximize — depreciation deductions on your 2025 tax return

The deadlines for filing 2025 tax returns (or extensions) are fast approaching. Although most tax planning moves must be completed by December 31 of the tax year, there are some decisions you can make when filing your return that can save…

20 Mar

4 types of interest expense you may be able to deduct

Personal interest expense generally can’t be deducted for federal tax purposes. There are, however, exceptions. Here are four, one of which is a new break under the One Big Beautiful Bill Act (OBBBA), which was signed into law in 2025.

20 Mar

Selling your business? You might benefit from presale financial due diligence

If you’re contemplating a sale of your business, you probably know that any serious buyer will scrutinize your financial statements, operations, assets and legal agreements. Conducting your own due diligence now can smooth the buyer review process and ease deal…

09 Mar

Some small businesses can still benefit from the health care coverage credit

Tax credits reduce tax liability dollar-for-dollar. As a result, they can be more valuable than deductions, which reduce only the amount of income subject to tax. One tax credit that hasn’t been getting much attention lately but that can still…

07 Mar

Parents: Claim all the tax credits you’re entitled to

Raising a family comes with plenty of expenses, but it may also make you eligible for various tax breaks. Some of the most valuable are tax credits, because they reduce your tax liability dollar for dollar (unlike deductions, which only…

06 Mar

ABCs of customer profitability

Some customers naturally require more time and resources than others. But when certain relationships consistently consume more of your and your employees’ time than they generate in profit, it may be time to reassess. Taking a closer look at customer‑level…

02 Mar

Increase your current business deductions under tangible property safe harbors

Did your business make repairs to tangible property, such as buildings, equipment or vehicles, in 2025? Such costs may be fully deductible on your 2025 income tax return — if they weren’t actually for “improvements” that must be depreciated over…

Category: track business purposes

Category: track business purposes

Business deductions for meal, vehicle and travel expenses: Document, document, document

Introduction

Category: track business purposes