Tax Tips Small Business

Reimbursing Your Employees for Business Expenses

What method should you choose?

Attracting and keeping good employees is a goal in any business. One way to make life easier for your employees is to have an easy to use reimbursement plan. Travel, transportation, moving, and educational expenses are common reimbursable expenses. As the employer, you have the option to set up an accountable or nonaccountable reimbursement plan. Under either plan, you can deduct many of the business expenses paid to or for employees. However, the plan you choose can make a big difference to your employees.

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Small Business Quick Tip

If you are disposing of property used in your business, you may want to consider a like-kind exchange to defer the taxable gain on the sale.
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Saturday, 04 September 2010
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Tax Tips Personal

Refinancing Your Home Mortgage

What's deductible and what's not?

While there are benefits to refinancing your home mortgage, most refinancing costs are not deductible on your tax return. There is one exception, however. The amount you pay for points, or prepaid interest, may be amortized over the life of your new loan. Although this might not amount to much when you spread it out over 15, 20, or 30 years, don't file away your closing papers quite yet.

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Personal Quick Tip

 

Beginning January 1, 2010, the standard mileage rates for the use of a car (including vans, pickups, or panel trucks) are:
  • 50 cents per mile for business miles driven;
  • 16.5 cents per mile for all miles driven for medical or moving purposes; and
  • 14 cents per mile for all miles drive for charitable purposes.