Posts Tagged ‘Deductions’
3 Ways to Maximize Your Return
Let’s face it: business tax returns can be tricky. Whether you file a corporate return or you report pass-through business income on your personal return, you need to stay on top of a host of federal, state and local tax deadlines and statutes, all of which can change from year to year. With a little…
Read MoreMeals, Entertainment, and Transportation May Cost Businesses More Under the TCJA
Along with tax rate reductions and a new deduction for pass-through qualified business income, the new tax law brings the reduction or elimination of tax deductions for certain business expenses. Two expense areas where the Tax Cuts and Jobs Act (TCJA) changes the rules — and not to businesses’ benefit — are meals/entertainment and transportation.…
Read MoreIf You Own a Small Business, Don’t Miss These 5 Key Tax Tips
Tax season is drawing near, which means headaches and stress for small business owners looking to save every penny they can. Combine the normal stress with new headaches surrounding the tax bill recently passed by Congress, and small business owners, especially new ones, can easily find themselves unprepared. Fortunately, there are plenty of ways for…
Read MoreNew Tax Law Gives Pass-Through Businesses a Valuable Deduction
Although the drop of the corporate tax rate from a top rate of 35% to a flat rate of 21% may be one of the most talked about provisions of the Tax Cuts and Jobs Act (TCJA), C corporations aren’t the only type of entity significantly benefiting from the new law. Owners of noncorporate “pass-through”…
Read MoreDirect Selling Tax Deductions Save $
Direct selling tax deductions are one of the top advantages of working from home. Operating a direct selling business from home opens the door for many income tax deductions. Did you ever notice that all rich people have a business? Did the business make them rich? Or did they get a business because they were…
Read MoreWorking from Home? Claim Your Home Office Deductions
Some of us are just too lazy to drive/ride to work every day, so we prefer to set up office at home. Well, jokes apart, some of the small business that operates right out of their homes qualify for deductions. But the fear of audit keeps them away from any such declarations. But in all…
Read MoreSurprising Expenses You Cannot Deduct
Taking all the tax deductions to which you’re entitled is only smart business, right? But you may be surprised to know that the IRS doesn’t allow deductions for certain expenses that, on the surface at least, seem completely valid. Here are some of the expenses you cannot deduct: Work Clothes. That new business suit or those…
Read More2017 Year-End Tax Savings Tips Not to Overlook
With the possibility that tax law changes could go into effect next year that would significantly reduce income tax rates for many businesses, 2017 may be an especially good year to accelerate deductible expenses. Why? Deductions save more tax when rates are higher. Timing income and expenses can be a little more challenging for accrual-basis…
Read More3 Charitable Giving Deductions You’re Missing Out On
There are lots of reasons to donate to charitable organizations, not the least of which is that, well, it just makes you feel good. But there are other reasons, too. The IRS has long realized the merits of making charitable donations and has rewarded taxpayers or their businesses with charitable giving deductions on annual tax…
Read MoreHeavy Vehicle & Deductible Home Office = Major Tax Savings
You can reap major tax savings with the heavy vehicle and home-office combo. The heavy vehicle produces quick deductions. The home office that qualifies as a principal office eliminates commuting miles, and such an elimination can dramatically increase your business-use percentage of vehicles. For example, say you bought a $50,000 vehicle that you use 60…
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