Not exact matches
Those payments, unlike direct salary, don't have to be reported on your personal tax forms as wages, as long as they qualified as
legitimate business expenses, and remained under the IRS's per diem cap rules.
But with expensive childcare
not being a viable or «
legitimate»
business expense, it's stymying this progress and process.
Being able to tell the difference between a
legitimate business expense and one that doesn't really hold water
not only saves you money, it's also important for keeping you out of the sights of the IRS.
If it is a
legitimate business expense, you can deduct it regardless of whether or
not they are US or foreign workers.
I have a
legitimate rental property
business and even have a
business banking account, however I am hesitant to get a
business credit card as I do
not have any
expenses that I can pay with a credit card.
Commercial auto insurance is a
legitimate expense incurred in the running of your
business, so why should it
not be tax deductible?
I do
not think that your meals would be deductible as a
legitimate business expense.
I have a full time job and am working on building my REI
business albeit I have
not done any deals or made any money yet, I believed the training material and other
expenses directly related to my part time REI
business were
legitimate tax deductions.