Small Businesses should take advantage of these deductions: Summer Travel, Office Expenses, Business Losses, Meals and Vehicles Expenses
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Commercial Tax Newsletter | June 2023
Focus: Small Business Deductions
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Criteria for Deducting Summer Business Travel_315930803

☀️Criteria for Deducting Summer Business Travel

 

To claim business travel this summer you must follow the tax laws that include out-of-town over-night domestic travel.

 

Read Summer Business Travel

The Rules for Deducting Home Office Expenses_327616328

🏡Rules for Deducting Home Office Expenses

 

Employees are no longer eligible to deduct home office expenses on their personal income tax returns. However, if you are self-employed or run a business from your home, here’s what you need to know.

 

Read Deduct Home Office Expenses

Calculating the Tax for Business Losses

 

📉Calculating the Tax for Business Losses

 

Here we uncover the rules for deducting business losses and how they can impact other tax credits and programs.

 

Read Deduct Business Losses

Complying with IRS Rules for Deducting Meal and Vehicle Expenses_589030725

💼Complying with IRS Rules for Deducting Meal and Vehicle Expenses

 

Successfully managing IRS deductions for meals and vehicles requires careful attention to detail when documenting expenses.

 

Read Deduct Meal and Vehicle Expenses

50 Fountain Plaza resized

📣Firm News:
Lumsden McCormick Temporary Offices

 

While we renovate our home in the Cyclorama Building, we have moved into temporary offices at 50 Fountain Plaza in Downtown Buffalo, effective May 30, 2023, until further notice.

 

More on our Temporary Office

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Firm Clients - Sign-up for eBilling

 

You can now make online payments to Lumsden McCormick invoices using ACH/bank transfers or via credit card. This convenient, secure payment portal will allow you to save payment methods, set-up recurring payments, add multiple accounts, and more.

 

Sign-up for eBilling

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Lumsden McCormick CPAs, 369 Franklin St., Buffalo, NY 14202, 716-856-3300

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