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.