To elect to be taxed as an S corp you must be an eligible domestic corporation. To see the benefits and know more, click 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!
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.
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.
The Section 179 deduction allows you to fully deduct certain qualifying property in the year purchased. To better understand, read more here.
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.
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.
As a sole proprietor you should understand the pros and cons of doing so and compare its features to those of other organizational structures.
Credit card and merchant fees are sometimes deductible on your taxes. To find out more, and how to ensure you qualify, read here.
Training courses and classes oi further your professional career may be eligible for deductions as tuition, related course materials, as well as travel.
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 list below covers a handful of deductions that generally will not be allowed or eligible. To view this list click here.
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!
The Retirement Savings Contributions Credit rewards entrepreneurs who contribute to qualifying plans by allowing them to take a credit.
The IRS allows you deduct state and local income taxes when you prepare your federal tax return. To understand more, read here.
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.
Despite the tax benefits of hiring a contractor, you should carefully consider how the people you hire should be classified. Read how this can affect you.
If you incur costs throughout the year that pertain to membership fees or union dues, these could all be considered deductible business expenses.
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.
Business utility expenses including electricity, gas, water, telephone and internet are most likely deductible. To better understand, read more here.
If you purchase office furniture or equipment for business purposes, you may be eligible for an office furniture tax deduction. Read more here.
Do you know which forms are required to take advantage of the Health Savings Account deduction? Click here for more information and tips.
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.
Obtaining an EIN has various benefits. First, make sure you understand all the benefits and restrictions by reading more information here.
Most businesses will incur some sort of legal and professional expense during a given year. This shouldn't be overlooked! 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.
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.
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.
Health insurance premiums you pay for yourself and your family may deductible. Here's what you should know about self employed health insurance 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.