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 […]
Deductions
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 […]
Rejoice! Business Meals Are Still Deductible
If you are a business owner who is accustomed to treating clients to sporting events, golf getaways, concerts and the like, you were no doubt saddened by the part of the tax reform that passed last December that did away with the business-related deductions for entertainment, amusement or recreation expenses, beginning in 2018. You can […]
How High-Income Professionals Can Benefit from the Pass-Through Deduction
If you are a high-income professional who is excluded from the new pass-through deduction because you are in a specified service trade or business (SSTB), you may be able to use retirement plan contributions as a work-around so that you can benefit from that new 20% deduction. An SSTB generally includes the following trades or […]
5 Ways Small Business Owners Can Benefit from Trump Tax Cuts
The end of last year’s news cycle was dominated by one story—Trump’s tax cuts. As a small business owner, you may wonder how it all impacts you. And now that we’re hurtling into fall, it won’t be long until you find out. The focus may have been on big corporations, but there are perks baked […]
7 Tax Deductions to Start Tracking Now
If you are self-employed, you probably know that you have to set aside fifteen to twenty percent of your income to pay self-employment taxes. What many people don’t know is that you can save a serious chunk of change by capitalizing on self-employed tax deductions. When I first started out, I only knew about two […]
