Having good records can help you support your revenues and expenses during a tax or financial statement audit. Here's what you need to know.
Employee wages may be a deductible business expense on your Schedule C. To find out more information on requirements, read here.
Tax extensions are available to request an automatic 6 month extension for filing purposes. To be understand, read more here.
Purchasing mortgage insurance can be a deductible expense. To find out if your mortgage insurance is deductible read more 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.
Office space may be deductible. To find out if your office, building, home office or coworking space is eligible read more here.
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.
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.
You can deduct contributions to your SEP, and contributions to the plans of your employees, which can create significant tax savings for entrepreneurs.
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.
In most cases you can deduct insurance expenses related to your business. Before deducting, read more here or discuss with your tax advisor.
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.
Understanding 401K plans and tax deductions helps makes doing your taxes easier. Be sure to know what you can deduct this year by reading 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.
All state and federal employer payroll taxes will generally deductible on your Schedule C. Here's what you should know about payroll tax deductions.
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.
Understanding what amortization is can help you with deductions, based on the industry you are in. Read more 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.
Interest expenses you incur as an artist may be tax deductible. This includes your studio and any other expenses your business may have.
In order to be eligible for the foreign earned income credit, you must meet certain requirements. Read what those requirements are here.
Contributing to your retirement plan as a self-employed professional opens up additional tax credits and benefits. Learn about the 'Savers Credit' by clicking here!
Adobe Creative Suite and other tools designers use for their business are tax deductible with the software and online subscription tax deductions.
Being self-employed, you may be ables to deduct clothing costs for business. Find out what type of clothing is deductible and if you're eligible.
Did you know a portion of business startup costs you incur and some organizational costs you incur can be deducted in the year you open your business?
If your business accepts returns or discounts on products, these amounts may be deductible. To know more, 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.
If you pay franchise, trademark, or trade names fees, these costs generally are considered deductible business expenses. 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.
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 IRS allows you to deduct state franchise taxes when you do your tax return. Find out more by reading this article on franchise taxes.
Collecting debts owed can come at a collection expense. These expenses will generally be deductible. Read more here.
Donating to charity can actually save you money on taxes, aside from giving you personal joy. Read more on information about deducting charitable donations.
Do you know all the important information related to C Corporation taxes? If you need insights or guidance, read our article here to get tips.
As an entrepreneur you may be able to benefit from deducting appraisal costs. By keeping track of appraisal expenses, you can save time come tax time.
Obtaining an EIN has various benefits. First, make sure you understand all the benefits and restrictions by reading more information 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.
Most businesses will incur some sort of legal and professional expense during a given year. This shouldn't be overlooked! Read more here.
If you manufacture or purchase inventory for resale, the costs you incurred may be deductible as a cost of goods cold. 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.
Understanding tax basis vs book accounting are two different things. Leveraging both can help you and your business succeed at tax time.
The DPAD was introduced to provide tax incentives to U.S. manufacturers, however, many small business owners may be eligible to these deductions.
In certain circumstances, a bad debt expense can be fully deductible. Read how this may apply to the industry you are in.
Here are some tips and things to keep in mind when it comes deductions for advertising expense. Read more about the industry you're in here.
Costs incurred to receive supplies and send products to customers are most likely deductible. Find out more about freight and shipping cost deductions here.
Travelling is often part of doing business. Depending on the travel purpose, it may be deductible as a business travel expense. Read more 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.
Home expenses related to your business may be eligible for deduction. There are a few guidelines and things you should know. Read more.
Website costs to acquire, design, maintain and market your site are common business expenses that may be eligible for deduction. Read more here.
As a business owner you are allowed to deduct certain business gift costs, subject to limitations of course. Learn how to deduct business gifts.
Business owners entertain customers, employees and clients over meals every now and then. Meals may be deductible as a business expense. Read more.
The fees your bank may charge including but not limited to wire transfer fees, check fees, overdraft fees, and service charges can be deductible.