July is the center of summer, and it’s a time of many things – especially travel and entertainment. Are you going away on a trip? Considering renting a car? If so, you might benefit from understanding when your car insurance covers your rental coverage and the pro’s and con’s of using credit cards for that rental. This month’s tax bulletin covers in depth the issue of car rentals and credit card coverage. Secondly, you might be eating out – for business. Did you know that generally speaking 50% of those meal expenses can be deducted as a business expense? Of course things are more complicated than that, so learn when the IRS will give you that 50% and when they will not. Finally, is a fancy golf tournament coming to town, or do you live in a tourist destination city (such as San Francisco)? You can rent out your home “tax free,” if you know how.
Those are just a few of the interesting issues discussed in this month’s San Francisco Tax Tips bulletin. You can download it by clicking here.