Office Humor: It’s Tax Time! Is Your TV a Business Expense?

As we head into the fourth quarter, preparing to meet tax season deadlines is a top-of-mind concern for many businesses.

Jan. 31, 2015, will be here before you know it, and that’s the deadline for businesses to send in 2013 W-2s and 1099s and turn in forms 941, 940 and 944 to the Internal Revenue Service (IRS). Also mark your calendar for Feb. 28 and March 31 for paper and e-filing deadlines for W-2s and for 1099s.

State filing deadlines vary, but many fall on or around Feb. 28. Here’s a link to look up the tax deadlines for your state.

While we know it would be NICE if you could claim that fancy 70-inch plasma as a business expense, knowing what qualifies as such is something you might need expert help to determine.

The IRS says to qualify as a business expense the item in question must be “common and accepted in your trade or business” and “helpful and appropriate.”

Unless that TV can crunch numbers on a spreadsheet – or is for some other work use in the office, we’re guessing it doesn’t count.

Robert Half Finance & Accounting helps place tax professionals with expertise in everything from tax analysis to personal and corporate tax preparation and at all experience levels.

In-demand tax-related positions include: tax clerk, tax accountant, tax analyst, corporate tax specialist and tax fund manager.

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