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Business Cell Phone Restrictions Removed Effective for tax years beginning after 2009, cell phones and similar telecommunications devices used for business are no longer subject to the ultra-strict recordkeeping requirements that formerly applied.   Preserving Tax Deductions for Business Travel If a taxpayer's trip is undertaken solely for business reasons, reasonable and necessary travel expenses, including travel fares, lodging, meals, and incidental expenses in getting to and from the destination are generally deductible on federal tax returns (subject to the 50% disallowance for meals and entertainment).   Tax Advantages of Small Business Stock As you may be aware, gains and losses on sales of corporate stock owned personally are generally treated as capital gains and losses.