{"id":30453,"date":"2013-02-25T17:22:00","date_gmt":"2013-02-25T17:22:00","guid":{"rendered":"https:\/\/grapevinemsp.com\/2013\/02\/25\/determining-whether-your-purchase-is-a-business-expense\/"},"modified":"2013-02-25T17:22:00","modified_gmt":"2013-02-25T17:22:00","slug":"determining-whether-your-purchase-is-a-business-expense","status":"publish","type":"post","link":"https:\/\/grapevinemsp.com\/determining-whether-your-purchase-is-a-business-expense\/","title":{"rendered":"Determining Whether Your Purchase is a Business Expense"},"content":{"rendered":"

\"\"Tax season is coming into full swing, and the IRS has now started accepting returns from small and medium businesses as well as individuals as of February 1st<\/sup>. Now that you have to do your own taxes as well as your business taxes, are you sure of what you can deduct safely, and what\u2019s going to cause a problem with the IRS if you do? If this is one of your first years doing business taxes, consulting a professional isn\u2019t a bad idea \u2013 but that doesn\u2019t mean you shouldn\u2019t know what you can deduct and what you can\u2019t. Here are a few more common deductions you can and cannot claim.<\/p>\n

Commuting expenses <\/strong>aren\u2019t actually deductible if you\u2019re just driving to and from work. They can be deductible in certain non-profit situations, however.<\/p>\n

Fines and penalties <\/strong>like tickets and anything else that broke the law are also not deductible, even if they were part of a business trip or were amended.<\/p>\n

Insurance premiums <\/strong>are deductible, but ONLY if your business is a registered C-Corp (hint: if you don\u2019t know what this is, you probably aren\u2019t one).<\/p>\n

Memberships to country clubs and gyms <\/strong>are often something people think are deductible, but they aren\u2019t unless you own the country club or gym you attend. In fact, claiming these can results in fines from the IRS.<\/p>\n

Charitable donations from your business <\/strong>are deductible, but ONLY if you maintain proof and you are given a statement from your charitable organization at the end of the year stating that you contributed and if you received anything in return for your donation. If you didn\u2019t, the statement must specifically state that, else you cannot claim your donation. You cannot claim your time<\/strong> as a deduction, even if you did 3,000 hours of charity work during the year.<\/p>\n

There are tons of expenses you CAN claim, but many of those that seem to be deductible from the surface the IRS will not accept. Make sure you talk all of this out with a professional so you know that you\u2019re getting the best care possible.<\/p>\n

photo credit: Sufi Nawaz<\/em><\/p>\n

Used with permission from Article Aggregator<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Tax season is coming into full swing, and the IRS has now started accepting returns from small and medium businesses as well as individuals as of February 1st. Now that you have to do your own taxes as well as your business taxes, are you sure of what you can deduct safely, and what\u2019s going […]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"yoast_head":"\nDetermining Whether Your Purchase is a Business Expense<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/grapevinemsp.com\/determining-whether-your-purchase-is-a-business-expense\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Determining Whether Your Purchase is a Business Expense\" \/>\n<meta property=\"og:description\" content=\"Tax season is coming into full swing, and the IRS has now started accepting returns from small and medium businesses as well as individuals as of February 1st. 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