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Tom Wheelwright's Articles in Business

  • A Checklist to Properly Document Your Meals and Entertainment Expenses
    One thing you can always count on during an audit is a request for documentation supporting meals and entertainment expenses. The IRS has found that these expenses are heavily abused and are an easy way to generate additional tax revenue, not to mention additional revenue from penalties and interest.
  • Is Your LLC a Sole Proprietorship, a Partnership, a C Corporation or an S Corporation?
    Understanding the fundamentals of entities, particularly LLCs, is a key part of building a wildly successful tax strategy.
  • Business Strategy Fundamentals
    Over the years, I have met and worked with literally hundreds of business owners. At one time or another, many of them have written a business plan. But very few of them have a working business strategy. A business plan and a business strategy are two very different tools.
  • Entity Formation Fundamentals
    One of the most important steps in any tax strategy is determining what entity should be formed to hold your businesses and investments. For legal purposes, there are four basic types of entities: sole proprietorship, partnership, corporation and limited liability company.
  • What constitutes as "Travel Away From Home"?
    When it comes to business travel, expenses, and deductions, I am frequently asked "What constitutes travel away from home and why is it important?"

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