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Tax Deductions

Jul 27
Love2
Writing Off a Business Vehicle. Deducting vehicle expenses

Writing Off a Business Vehicle: Best Practices for Car Expenses

By Tax Deductions, Tax Strategy No Comments
Every mile you drive for work is a tax deduction the IRS actively hopes you forget to claim. If you are constantly on the road for business purposes, meeting clients, running errands, or chasing deals, you're likely asking, Can I deduct my car for taxes? The answer is absolutely. Traditional accountants love to make vehicle rules look like rocket science, but at Incite Tax, we spent years defending…
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Jul 20
Love2
Single occupancy rule for business travel deductions

IRS Business Travel Deductions: The Single Occupancy Rule Explained

By Tax Deductions, Tax Strategy No Comments
You’re getting some bad advice about travel deductions, so we need to set the record straight. Generic advice from financial influencers, not experts or certified accountants like us, will tell you that if your spouse joins you on a business trip, you simply write off half of the hotel bill. No, don’t listen to them. That’s not how it works at all. When it comes…
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Jul 13
Love3
Weekend business trip. Tax write-off rules

How to Write Off a Weekend Trip for Businesses

By Tax Deductions, Tax Strategy No Comments
Let's get one thing straight: the IRS is not your friend. It is a sprawling bureaucracy that will charge you penalties for paying taxes three days late while taking months to process your refund. It will find creative ways to take more from you, and it counts on the fact that most business owners are too busy running their businesses to strategize their taxes correctly. Which…
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Jul 07
Love2
New rules for entertainment and business meals deduction

Entertainment and Business Meals Deduction: The New Rules

By Tax Deductions, Tax Strategy No Comments
Picture a perfect summer afternoon. You take your best client out on the lake, hit the golf course with a massive prospect, or grab front-row baseball tickets for a local vendor. You talk strategy between plays, close a new deal on the ninth hole, and naturally assume the business is picking up the tab.It used to work exactly like that. Then the IRS did what…
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Jun 29
Love5
Missing tax deductions that cost you thousands.

The Missed Tax Deductions that are Costing You Thousands

By Tax Deductions, Tax Strategy No Comments
The IRS loves business owners who guess. Guessing is expensive. Every year, self-employed people leave thousands of dollars in missed tax deductions on the table simply because nobody ever taught them what actually qualifies as a business expense. So they play it safe, claim the obvious stuff, and hope their tax return won’t cause an audit. Most people assume they’re either claiming everything correctly or only…
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