Small Business

If you give a business gift in the course of your trade or business, you can deduct the cost subject to special limits and rules.
Generally you cannot deduct more than $25 for business gifts that you give directly or indirectly to any one person during the tax year.
Keep receipts for all gifts you give for business purposes. These receipts will help you to prove your deductions if you are ever audited. Track your business gifts throughout the year so you don't have to go through all of your receipts individually at tax time. You should record who the gift was given to, what that person's relationship is to your business and how much the gift cost.

To deduct home office expenses you must prove that you use the home area "exclusively" and on a "regular" basis as a place of business to meet or deal with clients, patients or customers in the normal course of your business or if you spend most of your working time there and most of your business income is attributable to your activities there. Also it must be a seperate structure with no personal use. Exclusive use means soley for business so spare bedrooms or use of a den have been challenged by the IRS.

IRS publication 587 explains the details of deducting a home office.

The actual expense method allows a individual to deduct all out of pocket costs for operating the auto plus depreciation if you own the auto. Some of those costs are Gas, insurance, repairs & maintenance garage rent, lease fees, licenses, loan interest, oil changes, parking fees, tires, tolls, towing and registration fees.

Yes. If you use a car entirely for business the cost of leasing is deductible. You cannot depreciate a car you lease. You can choose to deduct the standard mileage rate in lieu of actual expenses including lease payments.

Expenses directly allocated to the home office such as painting the office or buying furniture for the office are 100% deductable. Other expenses indirectly incurred are deductable at a business expense allocation percentage. These would include Real estate taxes, mortgage interest, depreciation, utilities, rent, insurance, snow removal and security.

Yes. The IRS has developed a web site to help small business and self-employed persons at www.irs.gov/businesses/small/index.html.

Yes. The IRS has developed a web site to help small business and self-employed persons at www.irs.gov/businesses/small/index.html.

If you are filing a form without a payment, mail Form 941 to IRS Ogden, UT 84201-0005. If you are filing a form with a payment, mail Form 941 to IRS P.O. Box 105083 Atlanta GA 30348-5083