We all love a good vacation. Whether your vacation plans involve world travel, going to the beach, going skiing, or just hanging out at home on a staycation, vacations are critical part of life. Business owners can sometimes combine business with pleasure by planning their vacations around business travel.

Travel for business trips are obviously tax deductible, but whether the meals and entertainment are deductible can depend on the type of meal, the records you keep, and the business impact of it. The Tax Cuts and Jobs Act (TCJA) changed these rules, and many business owners and executives have not kept up on the impact these rules have on their travel expenses.

While a vacation is not tax deductible, if you can combine business with your travel, you may be able to deduct part of the trip. You may also find that mixed use things like remote Internet can be valid business expenses, even if the plan also provides you with sufficient bandwidth to stream Netflix in addition to responding to work emails.

Even where not tax deductible, working budgets for travel and vacations into your family budgeting can be an important part of a happy and complete life. By tracking a full picture of your family finances and business finances, we can help you meet these priorities quickly and efficiently.

A solid tax planning strategy will take into account the tax impact of business travel and the partial deductibility of those expenses. It is important to know the current rules and regulation on these deductions, instead of using ideas from the “shoebox of receipts” era of tax planning.

Work-Life Balance & Twitter

By |2021-06-11T20:46:32-04:00June 11th, 2021|Categories: Other Perspectives|Tags: , , , , , |

Work-Life Balance has generated quite a bit of buzz. It seems that the younger generation is throwing away the capitalistic mantra of “No Days Off!” and recycling it into "PLEASE, take days off for your health. As a member of Gen-Z, I agree that self-care should come first, not your job. However, I also recognize that self-care should not be an excuse for underdelivering at said job. I figured I would look at what Twitter is saying about Work-Life Balance and share it with you for this week's social media round-up.

Foreign Tax Issues for US Citizens Video

By |2021-06-11T14:15:00-04:00June 11th, 2021|Categories: #FinanceFriday|Tags: , , , , , , , , |

Today on Finance Friday, we discuss foreign tax issues for US citizens with Andre Benayoun JD, BBA. Andre is one of the most brilliant people I know; he is a partner at Marcum Accountants & Advisors and a family friend.

Why Are People Moving to Florida?

By |2021-05-03T22:02:35-04:00April 1st, 2021|Categories: Other Perspectives|Tags: , , , , , , , , |

Why are people moving to Florida? Spoiler Alert: It's not just the weather. With nearly 1,000 people moving to Florida every day, it seems like everyone on Twitter has an opinion about it.

Why To Track Mileage

By |2021-05-12T23:32:30-04:00May 27th, 2014|Categories: #TaxTipTuesday|Tags: , , |

If you use your car for your business your CPA has probably told you to track your mileage. The reason is that there is two ways to calculate the auto-related costs for your car- actual expenses and standard mileage rate- and both rely on knowing the number of business miles you drove for the year.

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