The bad news about being a solopreneur is you don’t have an accounting or bookkeeping department to track your expenses, income, and other financial details. You have to do it all yourself, even if you hire an accountant to do your tax prep at the end of the year. The good news is solopreneurship puts you in […]
Deductions
Is Your Car a Small Business Tax Deduction?
There’s a lot to keep track of when you’re starting your small business. Sometimes half the battle is keeping track of your expenses so that you can write off business costs on your taxes. But have you ever considered that every mile you put on your car driving to and from client lunches, purchasing supplies, and dropping […]
IRS Rules on Deducting Business Expenses
Business expenses are the cost of carrying on a trade or business. These expenses are usually deductible if the business operates to make a profit. What Can I Deduct? To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your trade or […]
Applying the Home Office Deduction to an E-Commerce Business
Most people know already that if you work from home, you can deduct your office space from your tax return. However, not everyone knows exactly how to deduct their home office space, or what qualifies the office space for the deduction. If you run an e-commerce business, there’s additional things that you may need to […]
IRS Highlights Credits and Deductions for Small Businesses
During Small Business Week, the Internal Revenue Service reminds small business owners and self-employed individuals to take deductions and credits that will help their bottom line. This year, National Small Business Week is May 5-11. For more than 50 years, the week has recognized the important contributions of America’s entrepreneurs and small business owners. Reviewing […]
Businesses Should Review Depreciation Deductions Rules
Businesses should know the tax rules for deducting depreciation on certain property. This deduction can benefit eligible business taxpayers. The Tax Cuts and Jobs Act made changes to the rules around depreciation that will affect many businesses. First off, businesses should remember they can generally depreciate tangible property, except land. Tangible property includes: Buildings Machinery […]
Tax Deductions for Small Business Owners
If you own a small business, you know that every dollar can be important to the success of your business. One way to improve your odds for success is to make sure that you are taking all the tax deductions you’re entitled to. Especially if you’re just starting your business, you will want to claim […]
Right-Brain Finances: Tax Deductions for Creative Types
People who use the right side of their brains to work, day in and day out, are often referred to as creative types. These people include graphics designers, professional writers, commercial artists, movie makers, online content providers, flower arrangers, and others who produce original or inventive work. If you’re a creative individual who is self-employed, […]
Tax Reform’s Impact on Uber and Lyft Drivers
If you’re an Uber or Lyft driver, you may know that your taxes are changing in some pretty dramatic ways. The Tax Cuts and Jobs Act of 2017 ushered in a number of tax savings, as well as a few limitations that aren’t so beneficial to your tax situation. You should consider these changes when […]
Business Deductions for Meal, Vehicle, and Travel Expenses: Document, Document, Document!
Meal, vehicle and travel expenses are common deductions for businesses. But if you don’t properly document these expenses, you could find your deductions denied by the IRS. An Important Requirement Subject to various rules and limits, business meal (generally 50%), vehicle and travel expenses may be deductible, whether you pay for the expenses directly or […]
