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Tax Tips Small Business
| Employee Meals: When Does the 50-Percent Limit Apply? |
| Don't reduce your deduction if you aren't required to In most cases, an employer is only allowed to deduct one-half of the expense that is paid to employees for meals. However, in some instances, the full amount is allowed. |
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Small Business Quick Tip
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| Tax Break for Reservists Called to Active Duty |
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Penalty-free withdrawals from retirement plans If you are a reservist or national guardsman who was ordered or called to active duty for a period in excess of 179 days, you may withdraw money from your qualified retirement plan or IRA without incurring the 10% premature distribution penalty. You must have taken the distribution during your active duty status. This new rule applies to any distribution made to you after September 11, 2001 and before December 31, 2007. If you received a distribution from your retirement plan or IRA during the period you were on active duty, you have the option to repay that distribution within two years from the date your active duty ended or August 17, 2008, whichever is later.
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Wednesday, 03 December 2008
Tax Tips Personal
| Overlooked Employee Business Expenses |
| Don't miss out on deductions you are allowed to take Unreimbursed employee business expenses are allowed as a miscellaneous itemized deduction provided they exceed two percent of your adjusted gross income when combined with all your other miscellaneous expenses. |
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Personal Quick Tip
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