Do your plans this year include donating your valuable skills or services to charity? If traveling is part of the plan too, some travel expenses may be deductible for your business. While this can help lower your tax burden when filing next year’s return, you should use caution when listing those deductions. Here are three things you can write off when traveling for charity: 1. Although you can’t deduct the value of your services that you donate to charity, you may be able to deduct some out-of-pocket costs associated with your services. This can include the cost of travel, meals, and lodging, but all out-of pocket costs must meet the following criteria: The expense must be … [Read more...]
Archives for September 2014
How To Avoid Becoming the Victim of a Tax Scam
Ah, summertime. Warm days, rest, relaxation, and…tax scams. Really? Yes! Thieves don’t stop victimizing unsuspecting taxpayers after April 15th. Unfortunately, tax scams happen year round and no one is immune to them. The top three scams listed on the IRS’s "Dirty Dozen" list are identity theft, phone scams, and phishing. Here is some important information to keep you protected and ready 365 days a year: 1. Identity Theft: Identity thieves steal personal and financial information such as your Social Security number or your banking information to commit fraud and other crimes. They could also file a phony tax return in your name to claim a fraudulent refund. But you don't need to … [Read more...]