Business Auto Expenses

Business Auto Expenses

The question came up today as I was meeting with a new client about automobile expenses. The business owner has the option of either deducting the actual automobile expenses used for the business or using a standard mileage rate. Because automobiles can be used for both personal and business purposes, the IRS terms these vehicles […]

Noncash Contributions

Noncash Contributions

Noncash charitable contributions are a good deduction if taken correctly. Here are 3 Rules to keep in mind. Rule No. 1. The donation must be made to a qualified charity (no, your needy college kids do not count). Rule No. 2. No deduction is allowed for a charitable contribution of clothing or household items unless the clothing […]

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Starting a Business

Starting a Business

The Purpose of a Business Plan A business plan is a written document created to detail all aspects of a business on a comprehensive level. Many banks and investors require a written business plan before lending to, or investing in, a business. Executive Summary The executive summary is a summary of the entire plan. It […]