MD Mustafijur Rahman’s Post

Business or Pleasure? Understanding How to Deduct Your Travel Expenses - Traveling for business can be essential to your business’s growth, but it can also be a significant expense. The good news is, many of these costs are tax-deductible, helping you to recoup at least a portion of that cost. To ensure you take full advantage of these deductions, it’s essential to understand what expenses qualify, how to track them, and the documentation required to support your deductions. Here’s a comprehensive guide to help you navigate the process of deducting business-related travel expenses on your tax return. View the full article here: https://lnkd.in/dAcuPStm #tax #taxprepration #taxprocpa #taxplanning #accounting #payroll #bookkeeping

Business or Pleasure? Understanding How to Deduct Your Travel Expenses - Traveling for business can be essential to your business’s growth, but it can also be a significant expense. The good news is, many of these costs are tax-deductible, helping you to recoup at least a portion of that cost. To ensure you take full advantage of these deductions, it’s essential to understand what expenses qualify, how to track them, and the documentation required to support your deductions. Here’s a comprehensive guide to help you navigate the process of deducting business-related travel expenses on your tax return. View the full article here: https://lnkd.in/dWVRncXp #tax #taxprepration #taxprocpa #taxplanning #accounting #payroll #bookkeeping

"Travel Smart, Deduct Right! 💼✈️ #BusinessTravelSavings #SmallBusinessTaxes #BusinessTaxTips #SelfEmployedTaxes #FreelancerTaxes #TaxPro #AccountingTips #TaxConsultant #BookkeepingHelp #PayrollServices

Have you ever wondered whether you could deduct the cost of a restaurant meal that you had with a prospect or client? The answer is most likely yes, however, the amount you can deduct may vary. Did you know the first and most important rule of thumb when evaluating what business expenses are tax deductible is to determine if it is an ordinary and necessary business expense. To find out more please click the link below https://lnkd.in/eswRSzmi . . Need help navigating what you can deduct and what you can't? Contact me today! www.coastalcomptroller.com . . . . #business #bookkeeping #businessresources #mealdeductions #taxdeductions #taxes #wilmingtonnc #southportnc #brunswickcounty

Ever heard your accountant mention "per diem"? It's a daily allowance for meals and lodging while on business trips. Think of it as a reimbursement for expenses incurred when your drivers are away from home. Follow us @woodson.associates as we break down how Per Diem works and how it can save your transportation company money on taxes. Happy new week! #woodsonassociates #taxaccounting #perdiem #taxtips #transportation #business #accounting

"Travel Smart, Deduct Right! 💼✈️ #BusinessTravelSavings #SmallBusinessTaxes #BusinessTaxTips #SelfEmployedTaxes #FreelancerTaxes #TaxPro #AccountingTips #TaxConsultant #BookkeepingHelp #PayrollServices

Hello business owners! Just a friendly heads-up: the deadline for lodging your BAS is fast approaching Only 11 days left! It's time to kick your BAS preparations into high gear and ensure everything is in order for a smooth lodgement. Here's a quick checklist to help you stay on track #tax #taxaustralia #accounting #BAS #australia

Good record-keeping is essential for business travel expenses! Here are the records you should maintain for five years to substantiate your claims:   ✅ Tax invoices ✅ Boarding passes ✅ Tickets ✅ Travel diaries ✅ Details of how you worked out the private portion of expenses. By keeping these records, you'll be well-prepared to substantiate your business travel expenses when filing your taxes.   #RegencyPartners #BusinessTravelExpenses #Taxation #RecordKeeping

📅 FAQ Accountancy Friday: What Are the Tax-Free Rates for Staff Travel Expenses? Many employees believe they fully understand the rules for claiming travel expenses, but it's often more complex than it seems. While companies can set their own travel policies, HMRC imposes strict thresholds for what it considers reasonable. A company can adopt the standard rates or negotiate bespoke rates with HMRC. If staff spend more than the standard or bespoke rates, they will be charged income tax and national insurance contributions via the P11D form, which employers must submit every July. Here’s a breakdown of HMRC's meal allowance rates (eligible only when away from work for at least 5 hours): 👉 5+ hours: Max claim £5 👉 10+ hours: Max claim £10 👉 12+ hours: Max claim £15 👉 24+ hours: Max claim £25 For mileage, HMRC’s approved rates are: - Cars/vans: 45p per mile (up to 10,000 miles), 25p thereafter - Motorcycles: 24p per mile - Bicycles: 20p per mile To avoid unexpected tax charges, make sure to stay within HMRC-approved rates and keep your travel expenses in check! ✅ #FAQFriday #StaffExpenses #MileageClaims #TaxCompliance #Accountancy

Are you a VAT-registered company looking for a new way to claim back your business travel expenses? Choosing the right travel and expense management provider can be challenging for CFOs. In this article, Ben Knock, Managing Director and Vice President of VAT at Ryan, outlines four steps to follow when setting up an expense management solution for your business and how to ensure that you are reclaiming all the VAT that you are entitled to. Read the full article here: https://lnkd.in/gMetWZzV #VAT #BusinessTravel #Expenses