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.
You can deduct contributions to your SEP, and contributions to the plans of your employees, which can create significant tax savings for entrepreneurs.
Website costs to acquire, design, maintain and market your site are common business expenses that may be eligible for deduction. Read more here.
Understanding what amortization is can help you with deductions, based on the industry you are in. Read more here.
Understanding tax basis vs book accounting are two different things. Leveraging both can help you and your business succeed at tax time.
Training courses and classes to further your professional career may be eligible for deductions as tuition, related course materials, as well as travel.
The research credit can shield some of your professional business income from taxation if you perform technological research as part of your business. Learn about the credit here.
The list below covers a handful of deductions that generally will not be allowed or eligible. To view this list click here.
The contribution and deduction limit for a SIMPLE IRA is higher. To see how you can benefit from this and to learn more, click here.
The IRS will consider an activity a hobby if you are not trying to make a profit. It's important to understand the difference between the two types of gigs.
The IRS allows you to deduct state franchise taxes when you do your tax return. Find out more by reading this article on franchise taxes.
Purchasing books, magazines and subscriptions for business purposes can be deductible come tax time. To better understand, read more here.
Office space may be deductible. To find out if your office, building, home office or coworking space is eligible read more here.
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.
Most businesses will incur some sort of legal and professional expense during a given year. This shouldn't be overlooked! Read more here.
Know the difference between business expenses and personal expenses. By knowing the difference you can get the most from your tax return.
In order to be eligible for the foreign earned income credit, you must meet certain requirements. Read what those requirements are here.
In certain circumstances, a bad debt expense can be fully deductible. Read how this may apply to the industry you are in.
If your business accepts returns or discounts on products, these amounts may be deductible. To know more, click here.
If you're travelling for business, you may be eligible to deduct meal expenses and incidental expenses using a per diem rate. Read more here.
If you use a vehicle for business travel you may be eligible to deduct your auto expenses. Be sure to read more here on standard mileage rate deductions.
If you travel for a convention, seminar or trade show, you may be able to deduct certain things. Ex. Sometimes travel, food, lodging and the event itself.
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.
If you own fixed property that is legally under your name or your businesses name, you may be subject to real estate tax. Find out how to calculate your tax bill!
If you manufacture or purchase inventory for resale, the costs you incurred may be deductible as a cost of goods cold. Read more here.
If you incur costs throughout the year that pertain to membership fees or union dues, these could all be considered deductible business expenses.
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.
If you are relocation for business reasons, your moving expenses may be deductible. To find out if you are eligible for a moving expense deduction read on.
Home expenses related to your business may be eligible for deduction. There are a few guidelines and things you should know. Read more.
Fringe benefits can be a strategic method for an employer to save on taxes while still benefiting the employee. Find out more about the tax implications here.
For a full list of Public Transportation Tax deductions read here. When it comes to filing your taxes, make sure you have all the necessary information needed.
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.
Each quarter, the IRS requires that these taxpayers make estimated quarterly tax payments. It is important that business owners plan for this! Read more.
Dental and Medical expenses are deductible on your tax return. Read more to see what medical and dental expenses can be included.
Dental and Medical expenses are deductible on your tax return. Read more to see what medical and dental expenses can be included in 2022.
Costs incurred to receive supplies and send products to customers are most likely deductible. Find out more about freight and shipping cost deductions here.
Commissions paid are generally fully deductible business expenses. Find out how much of a deduction your line of business can receive.
Collecting debts owed can come at a collection expense. These expenses will generally be deductible. Read more here.
Certain electric and hybrid vehicles qualify for tax incentives. Find out if your electric or hybrid vehicle qualifies by reading here.
Business owners entertain customers, employees and clients over meals every now and then. Meals may be deductible as a business expense. Read more.
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.
As a rideshare driver, you may already know that in addition to direct vehicle expenses, you may be able to deduct operating expenses. Read more.
As a member of an LLC, your share of business income is taxed at personal income rates. Be sure to understand how this can affect you. Read more.
As a business owner you are allowed to deduct certain business gift costs, subject to limitations of course. Learn how to deduct business gifts.