Video: Basics of Tax Deductible Business Expenses

This Season: Tailgating; New Year, New You; Tax Time

Filing taxes can be hectic. Get tips for understanding deductible business expenses in this free video clip about small business tax tips.

Comments

Video Transcript

Tom Choisnet, and I'm telling you a little bit about military taxes. And our soldiers, sailors, marines over there in Iraq, they don't have to pay any tax on their combat pay. Not only that, all the military personnel does not have to pay tax on their sustenance and quarters. Those sustenance and quarters amounts are already deducted on the form W2 for a military person. Another thing about military, they can put money in an IRA. This is a good time to put in money in a Roth IRA because they'll be receiving the benefit there from later tax free, if they have combat income they won't need the deduction. States vary regarding the reporting of military income. So quite often, I'll recommend even my client to (to) go to some of the large small client tax firms that operate throughout the country because they have exposure to more military than most of us do. Thank you.

Follow eHow: Follow @eHow

Basics of Tax Deductible Business Expenses

Comments

Related Ads

Related Articles & Videos