Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Photo Galleries
Designing the workplace of the future: Virtual reality and 3D panoramas As businesses go global and teams are scattered around the world, herding everyone into the same room for a meeting seems quaint. So companies are using technology to get creative. More
Sports teams want you back in the stadium Stadium attendance is down so pro sports teams are using technology to win back fans and get them in their seats. More
Homes in these ZIP codes are selling like crazy Strong job growth, growing interest from Millennials and affordable home prices are attracting home buyers to these cities. More
Special Offer

5 smart tax moves

Taxes are painful. To help you reduce the bite, FSB spoke with top experts and compiled this list of tips for businesses looking to beat the taxman.

1 of 5
Overlooked Deductions
You should take every single write-off you're due - and what's available may surprise you. Here's a classic example: Small companies frequently miscategorize the cost of business-trip hotel stays as entertainment (50% deductible) rather than lodging (100%). The feds are only too happy to hang on to this windfall.

Linda Rey (pictured at right, with sister Laura and father Frank) is co-owner of Rey Insurance, a broker based in Sleepy Hollow, N.Y. She and her partners (who also happen to be family members) hold a monthly dinner at a restaurant, which they treat as an offsite strategic planning meeting (100% deductible) rather than a business meal with a client (50%).

Even with coffee and Dunkin' Donuts for the Friday morning meeting, she always takes the full 100% deduction, while many companies wrongly file this under meals and take half. "I pay careful attention," says Rey. "Otherwise you end up giving a lot of money away."

NEXT: Hidden Tax Credits
Last updated February 25 2008: 11:17 AM ET