Business Tax Deductions 101 & Red Flags |
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https://quickbooks.intuit.com/partners/irp/?cid=irp-4337#pricing Download slides: http://bit.ly/taxdeductions101redflags Table of Contents: 00:00 What’s “Trade or Business” (Section 162) 01:23 What’s a Business Tax Deduction? 03:15 Must be Ordinary 05:42 Must be Necessary 08:13 Must be Legal 10:14 Must be “Reasonable” 13:39 Must be Paid/Incurred 15:23 Start-up Expenses 16:11 Personal (non-deductible) expenses 16:46 Shareholder Distributions or Draws 17:56 Charitable and Political Contributions 19:39 Fines and Penalties 20:14 Personal vs. Business Gifts 21:28 Capital Losses 23:39 Top 9 IRS “Red Flags” 22:58 Unreported Income 25:16 Home Office Deduction 26:30 Vehicle Expenses 27:19 Travel Expenses 28:58 Meals & Entertainment 31:19 Contractor Payments 32:31 Expenses paid in cash 33:10 Capital Losses 33:30 Hobby Losses Call our office 954-414-1524 to setup a private training/consultation about QuickBooks, Excel, Accounting/Bookkeeping, Taxes, and/or General Business Consulting (rates vary from $275 to $650) for first consultation depending on length and consultant required. E-mail Hector your questions hector@garciacpa.com To setup a 30-day free trial of QuickBooks Online and then a 30% http://www.quickbooksoffer.com/?cid=irp-4337#pricing |