Incorporating a business have some advantages in terms of tax benefits. For instance, business trips for members of a board of directors are tax-deductible expenses. Travel for business occurs when duties require your absence from the general area of your tax home for a substantially longer period than an ordinary workday.
As part of a proposed $18.9-billion budget plan, the North Carolina Senate has announced it aims to cap the tax burden on small businesses. The legislation is part of the state government’s effort to boost the local economy.