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.
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.
Tax extensions are available to request an automatic 6 month extension for filing purposes. To be understand, 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.
Tax preparation fees are usually deductible. Find out what tax preparation fees are eligible for deductions. Read more here.
The Section 179 deduction allows you to fully deduct certain qualifying property in the year purchased. To better understand, 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.
Credit card and merchant fees are sometimes deductible on your taxes. To find out more, and how to ensure you qualify, read 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.
Interest expenses you incur as an artist may be tax deductible. This includes your studio and any other expenses your business may have.
The list below covers a handful of deductions that generally will not be allowed or eligible. To view this list click here.
The Retirement Savings Contributions Credit rewards entrepreneurs who contribute to qualifying plans by allowing them to take a credit.
Adobe Creative Suite and other tools designers use for their business are tax deductible with the software and online subscription tax deductions.
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.
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.
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.
Business utility expenses including electricity, gas, water, telephone and internet are most likely deductible. To better understand, read more 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.
Each quarter, the IRS requires that these taxpayers make estimated quarterly tax payments. It is important that business owners plan for this! Read more.
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.
If you purchase office furniture or equipment for business purposes, you may be eligible for an office furniture tax deduction. 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.
Certain electric and hybrid vehicles qualify for tax incentives. Find out if your electric or hybrid vehicle qualifies by reading here.
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.
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.
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.
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.
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.
Dental and Medical expenses are deductible on your tax return. Read more to see what medical and dental expenses can be included.
Travelling is often part of doing business. Depending on the travel purpose, it may be deductible as a business travel expense. Read more here.
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.
Do you know the difference between cash basis vs accrual accounting? Read our industry examples here to help better understand.
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.