Basics of Tax Deductible Business Expenses

Part of the Video Series Tax Deduction Tips for Businesses

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

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Basics of Tax Deductible Business Expenses
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.

About the Expert

Expert: Tom Choisnet has been in self-employed tax practice for over 40 years, and he has been an enrolled agent since 1968. He has prepared over 35000 tax returns. Read More