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 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 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.
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 incur costs throughout the year that pertain to membership fees or union dues, these could all be considered deductible business expenses.
Home expenses related to your business may be eligible for deduction. There are a few guidelines and things you should know. Read more.
Office space may be deductible. To find out if your office, building, home office or coworking space is eligible read more here.
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.
Dental and Medical expenses are deductible on your tax return. Read more to see what medical and dental expenses can be included in 2020.
Purchasing books, magazines and subscriptions for business purposes can be deductible come tax time. To better understand, read more here.
Employee wages may be a deductible business expense on your Schedule C. To find out more information on requirements, read here.
Certain electric and hybrid vehicles qualify for tax incentives. Find out if your electric or hybrid vehicle qualifies by reading here.
If you pay franchise, trademark, or trade names fees, these costs generally are considered deductible business expenses. Read more here.
Purchasing mortgage insurance can be a deductible expense. To find out if your mortgage insurance is deductible read more 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!
Obtaining an EIN has various benefits. First, make sure you understand all the benefits and restrictions by reading more information here.
Business owners that own vehicle for business purposes are able to deduct the cost / value over a 5 year period through depreciation. Read more here.
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 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.
As a sole proprietor you should understand the pros and cons of doing so and compare its features to those of other organizational structures.
You can deduct contributions to your SEP, and contributions to the plans of your employees, which can create significant tax savings for entrepreneurs.
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.
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.
Commissions paid are generally fully deductible business expenses. Find out how much of a deduction your line of business can receive.
Health insurance premiums you pay for yourself and your family may deductible. Here's what you should know about self employed health insurance deductions.
Collecting debts owed can come at a collection expense. These expenses will generally be deductible. Read more here.
In order to be eligible for the foreign earned income credit, you must meet certain requirements. Read what those requirements are 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.
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.
Know the difference between business expenses and personal expenses. By knowing the difference you can get the most from your tax return.
If your business accepts returns or discounts on products, these amounts may be deductible. To know more, click here.
The IRS allows you deduct state and local income taxes when you prepare your federal tax return. To understand more, read here.
If you contribute to a traditional IRA you could be eligible for deductions come tax filing time. Read more on how to be eligible 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.
If you are a business owner who subsidizes all or a portion of your employee's health care coverage, you may be eligible to claim a tax credit. Read more.
Each quarter, the IRS requires that these taxpayers make estimated quarterly tax payments. It is important that business owners plan for this! Read more.
The Retirement Savings Contributions Credit rewards entrepreneurs who contribute to qualifying plans by allowing them to take a credit.
Donating to charity can actually save you money on taxes, aside from giving you personal joy. Read more on information about deducting charitable donations.
Interest expenses you incur as an artist may be tax deductible. This includes your studio and any other expenses your business may have.
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.
The Section 179 deduction allows you to fully deduct certain qualifying property in the year purchased. To better understand, read more here.
Tax preparation fees are usually deductible. Find out what tax preparation fees are eligible for deductions. Read more here.
Do you know the difference between cash basis vs accrual accounting? Read our industry examples here to help better understand.
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.
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.