How to Write Off Your Trip Legally
Don’t assume you can just slap a business trip label on your next family vacation and call it a day. The Internal Revenue Service does not play that game. If you ever face an audit, they will comb through your travel expense records looking for hard proof that your trip was primarily for business purposes. […]
Understanding Unreimbursed Partnership and Business Expenses
As a partner in an LLC or LLP, you’ve probably paid for business expenses out of your own pocket. Fortunately, you are still able to deduct these. However, the IRS treats these dollars very differently than if you were an S-Corp owner or a standard employee. These out-of-pocket costs are known as Unreimbursed Partnership Expenses […]