ll archives: 6 Must-Read Articles to Get You Prepared for Tax Season
2014 is rapidly coming to a close and before you know it we’ll be toasting champagne at midnight to ring in the new year, followed by the most dreaded time of the year—tax time. Business taxes come with an entirely different, and often times more complicated, set of rules and regulations than personal taxes, so we’ve done our best to compile six must-read articles to get you up-to-speed and informed on all the need-to-know info for filing season. Peruse at your leisure, ladies!
Home Office Deductions
Do you work from home? Forbes lets you know everything you need to know if you’re considering writing off your home office.
Do you use your vehicle for business-related transportation? Entrepreneur has an informative (and entertaining) article on everything you need to know to realistically track your vehicle and mileage expenses so that you don’t get a nice slap on the wrist from the IRS when you file your 2014 taxes.
Business Meal and Entertainment Expenses
Entertaining clients and prospects can be a hefty, but absolutely necessary business expense. Fortunately, the IRS allows you to deduct 50% of this expense in most cases. Check out Biz Filing’s article for a comprehensive guide on allowable business meal and entertainment expenses.
If you made any charitable contributions on behalf of your business in 2014, don’t forget to add this to your list of deductions. The U.S. Small Business Administration gives you important things to consider when choosing the organizations that you wish to donate to on behalf of your business, and the proper guidelines to follow when making this deduction.
Did you travel for your business in 2014? Whether to another city or across state lines, you’re eligible to deduct your airfare, hotel, rental car and other travel-related expenses. NOLO will give you all the deets.
As a ladyprenueur, you’re qualified to make generous contributions to your retirement accounts (you’re doing this, right? No? Do it, now! Secure your future, ladies!). Our friends at Forbes will let you know the max contributions you can make for each type of retirement account and how it can impact your tax bill.