When claiming vehicle expenses, keep in mind one rule: No mileage log = No deduction. Whether you are claiming: Mileage at the IRS 2012 rate of 55.5 cents a mile, or Actual expenses which includes depreciation, interest, gas, vehicle licenses, oil, repairs, etc. A mileage log is a must.  Your [...]

Beginning on Jan. 1, 2012, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 55.5 cents per mile for business miles driven 23 cents per mile driven for medical or moving purposes 14 cents per mile driven in service of charitable [...]

In order to protect your S Corporation, you need the corporation to look, feel and act like a corporation, and you need a salary that will stand up to the IRS as a reasonable salary. For the corporation to stand up to scrutiny, you want the corporation as the entity [...]

When your S corporation contributes to your employees’  HSA accounts, the contributions become the employees’ property.  Your employees use the money to pay their current or future medical expenses. The HSA contributions are tax-free fringe benefits to your employees. and a deduction to your S corporation.  Your S corporation must [...]

Are you having a Holiday Party? The party is 100% deductible for employees and their spouses. Thus, you will need to categorize the party to an account perhaps titled “100% deductible entertainment.” To prove your deduction, you should document the names of the employees and spouses who attended the party. [...]