Business Expenses or Personal Expense

ExpressTax

Business Expenses

(Corporation) Business Personal

Auto - For any auto used for business

Charitable Contributions

Keep mileage records

Gas, Repair, payments, Insurance

Up to limits

We make an ajustment at year end for

personal share

Medical Expenses Doctors, RX, Chirpractors, Dentist Elective surgery is a Personal Expense

Medical Insurance Business Medishare is personal

Retirment Accounts

Business (usually)

Utilities

Cell phone and internet are business

Gas, electric, garbage, water, sewer

are personal

Draws

Not allowed as a corporation - money transferred

from business to personal is payroll or a Dividend,

must go through bookkeeing

ATM's

Only deductible if you have receipts and turn in a

report showing how the funds were used for business

expenses


Travel

For yourself, clients and business associates when

traveling for business

Spouses travel only if for business purposes

Children and Nanny are personal

Spouse is personal if they aren't

involved in the business

Travel for entertainment or personal

vacation are personal

Cruises are personal unless all ports of

call are in the US and specific business

is the reason for the cruise

Travel outside of the US is personal

except in rare cases and the criteria is

met

Local Meals

Travel Meals

Starbucks

Must be for business purpose and records must be

kept - who, agenda, reason for meeting

Must be far enough away that it requires sleep before

returning home

Yourself, client, spouse if for business purpose

If entertaining guests, records should be kept

If meeting clients, business associates

Treat the same as meals, keep records

Meal with spouse and or children

If meals out of town are for

entertaining people that are non

clients or business associates, it is

personal

Even if you go to Starbucks to work ot

os still personal unless you areout of

town.


Entertainment

All personal, there is no deduction for

entertainment - that includes concerts,

ball games, the Zoo, the fair, etc.

Gifts Limited to $25 per person Over $25 is personal

Business equipment, supplies and fees

If used for business it is a business expense

Laundry

While traveling

While at home - even if it is your

tuxedo

Personal Care - hair, nails, spa, makeup

Clothing

All personal

All personal, even the dress you need

for convention

Taxes Is it busines Or is it personal

House Payments, Insurance and Property Tax

Personal

Childrens and Pets Expenses

Personal

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