Are you missing out on tax perks related to your business travel? Food and lodging expenses may be deducted when you are away from home for business purposes. Like everything in the tax law, to be tax deductible, certain rules must be followed. Individuals who know the rules and keep good records derive the most from these deductions.
Stocks dipped on Tuesday. Intel, Boeing and Bank of America led the downswing on the Dow. Crude oil tacked on $2.28 to settle at $97.43 a barrel. Brands traded lower amid European debt concern after Moody’s downgraded Ireland’s debt rating to junk level status. Meanwhile, minutes from the last FOMC meeting showed policy makers would consider a third round of economic stimulus if the recovery remained sluggish. Elsewhere, the Commerce Department said the trade gap expanded to $50.23 billion in May, from $43.63 billion in April. On a final note, Wolverine World Wide reported respectable quarterly data. The footwear, apparel and accessories retailer said net earnings hit $22.96 million, or 48 cents a share, up from $17.2 million, or 35 cents, in the same quarter a year ago.
Indices closed in red territory Monday. Hewlett-Packard, Bank of America and JPMorgan Chase led Dow decliners. Alcoa kicked off earnings season by announcing favorable results. The aluminum titan said earnings hit $364 million, or 32 cents a share, up from $138.5 million, or 13 cents, a year ago. Meanwhile, oil shed $1.21 to settle at $94.99 a barrel. Looking ahead, minutes from the latest FOMC meeting are due for release later in the week.
With summer in full swing, there is a tax break that working parents should know about. Many working parents must arrange for care of their children under 13 years of age during the school vacation period. A popular solution — with a tax benefit — is a day camp program.
Stocks posted gains Thursday. Brands such as Bank of America, Cisco Systems, JPMorgan Chase and Intel traded upward on favorable economic data. The ADP payroll report showed that companies added 157,000 jobs last month, about twice the amount expected. Meanwhile, the Labor Department said initial jobless claims dipped by 14,000 to 418,000 last week. Elsewhere, crude oil tacked on $1.69 to settle at $98.34 a barrel. Looking ahead, official employment data for June will see the light of day tomorrow.