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The Midyear Business File: A midyear review of your business tax planning can pay off, too. Here are some places to start.
Plan your purchases:
For 2011, you can take advantage of bonus depreciation rules to expense up to 100% of the cost of new assets.
Journey by plane, train, bus, or car to a convention, conference, or seminar for a valid business purpose, and your expenses can be fully deductible. Take along your family and add personal vacation days to your trip, and some of your costs may be nondeductible. Before you finalize your itinerary, get details on rules and recordkeeping requirements so you can claim the maximum tax advantage from your summer travels.
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NOTE: Some above information is issued at midyear to provide you with information about minimizing your taxes. Do not apply this general information to your specific situation without additional details.