If you engaged in rental activities, knowing whether or not your rental income is passive or active will affect how much you're able to deduct.
If you're engaged in rental activities, there are numerous deductions available to you. Understand what your Operating Expenses are, click here.
You may be eligible to deduct auto expenses if you use a vehicle for your business. Ensure that actual vehicle expense deduction is right for you.
Depending on how you rent your property, you can technically be considered a host or a landlord. These classifications have different deductions.
If you are engaged in rental activities, like airbnb, there are certain homeowner expenses that you may be eligible to deduct come tax time. Read more here.
As a business owner, you may be eligible to deduct repair and maintenance expenses you incur in the course of operating your business.
Purchasing mortgage insurance can be a deductible expense. To find out if your mortgage insurance is deductible read more here.
If you paid personal property taxes last year you may be eligible to deduct the payments you made on your tax return. Read more here.
The fees your bank may charge including but not limited to wire transfer fees, check fees, overdraft fees, and service charges can be deductible.
Commissions paid are generally fully deductible business expenses. Find out how much of a deduction your line of business can receive.
If you have incurred office expenses like printing and postage, you may be eligible for deductions. To see if your office expenses can be deducted read on.
Health insurance premiums you pay for yourself and your family may deductible. Here's what you should know about self employed health insurance deductions.
Travelling is often part of doing business. Depending on the travel purpose, it may be deductible as a business travel expense. Read more here.
You can deduct a portion of your self employment tax when you file your tax return at the end of the year. Read more here.
Dental and Medical expenses are deductible on your tax return. Read more to see what medical and dental expenses can be included.
Know the difference between business expenses and personal expenses. By knowing the difference you can get the most from your tax return.
The IRS allows you deduct state and local income taxes when you prepare your federal tax return. To understand more, read here.
In most cases you can deduct insurance expenses related to your business. Before deducting, read more here or discuss with your tax advisor.
Business utility expenses including electricity, gas, water, telephone and internet are most likely deductible. To better understand, read more here.
Training courses and classes oi further your professional career may be eligible for deductions as tuition, related course materials, as well as travel.
Most businesses will incur some sort of legal and professional expense during a given year. This shouldn't be overlooked! Read more here.
You can deduct the state sales tax you pay on your everyday transactions as an artist but only if they are for operating your business.
Each quarter, the IRS requires that these taxpayers make estimated quarterly tax payments. It is important that business owners plan for this! Read more.
Donating to charity can actually save you money on taxes, aside from giving you personal joy. Read more on information about deducting charitable donations.
Everything you need to know about tax form 1099s and the major differences. As a business, it's important to issue these properly. Read more here.
Interest expenses you incur as an artist may be tax deductible. This includes your studio and any other expenses your business may have.
The Section 179 deduction allows you to fully deduct certain qualifying property in the year purchased. To better understand, read more here.
The list below covers a handful of deductions that generally will not be allowed or eligible. To view this list click here.
If you pass the substantial presence test, you will be considered a U.S. resident for tax purposes and would be subject to taxation in the United States.
Tax extensions are available to request an automatic 6 month extension for filing purposes. To be understand, read more here.
Business owners can be very busy. Having someone look after your kids may come up every now and then. Find out if you qualify for a tax credit.
Not all casualty and theft losses are deductible. If you incur a casualty or theft loss, you need to know how to proceed. Read on here for more information.
A standard deduction is a fixed dollar amount defined by the IRS that varies based on your filing status. Here's what to know about standard deductions.
If you purchase office furniture or equipment for business purposes, you may be eligible for an office furniture tax deduction. Read more here.