Posts Tagged ‘Deductions’
Standard Mileage Rate Falls Again for Tax Year 2017
Self-employed professionals who use a vehicle for business trips were likely not thrilled when the standard mileage rate on deducting business mileage plummeted from 57.5 cents per mile in 2015 to 54 cents per mile in 2016. While the rate for 2017 is not dropping as much, it is still lower than the 2016 rate…
Read MoreTax Deductions for New Small Business Owners
As a small business owner, you can take advantage of many tax breaks to reduce your tax bill and keep more of the income you earn. Many business tax deductions are often overlooked and are never claimed, which can leave thousands of dollars in savings on the table. Consider these commonly overlooked deductions when you…
Read MoreSweeping Up Tax Savings: Tax Deductions for Self-Employed Housekeepers
There may be nothing more rewarding than laboring all day to clean up a messy house and then seeing how sparkling and new it looks after this hard work. While housekeepers may get this nice dose of satisfaction, they are still like all self-employed professionals who get hit with countless taxes and IRS regulations. So,…
Read MoreTax Tips & Deductions for Food Truck Owners
Do you serve up hot subs, fresh salads, and sweet treats around town in your decked-out food truck? If so, you’re part of the rapidly growing mobile cuisine industry. While it can be quite rewarding to prepare delectable edibles for hungry consumers looking for a quick bite to grab, there are several IRS tax rules…
Read MoreStartup and Organization Costs
When starting a business, the owners are likely to incur two classes of costs that are not normally encountered in the ongoing operations of the business and should not be included as operating expenses. These are startup expenditures and organization costs. Each of these are specifically defined and receive special tax treatment. Startup expenditures are…
Read MoreSavings in the Fast Lane: Tax Tips for Uber Drivers
Are you one of the millions of Americans using a personal vehicle to make money as an Uber driver? It has become easy to earn some extra cash on the side—or even with full-time hours—working for car sharing services like Uber and Lyft. While seeing dollar signs in your eyes can be a reality, you…
Read MoreShould You Buy or Lease a Car for Tax Deductions?
Buying or leasing a car can be a difficult decision for both individuals and businesses. A number of factors play into tax deductions for a business car. Things such as the definition of business use, the types of expenses claimed and methods of calculating deductions play an important role, in addition to whether or not…
Read MoreSmall and Home Businesses Commonly Overlook These Deductions
Most small business owners are so busy managing their everyday businesses, that when tax season rolls around they just want to get the dreaded task out of the way as soon as possible. However, by not taking the time to thoroughly review all available deductible expenses, many end up paying Uncle Sam much more than…
Read More2016 Tax Law Changes You Need to Know About
After the giant ball drops in Times Square to signify a new year, the IRS is notorious for making some adjustments to the federal tax code. Some years have brought significant change, while other years remain very similar to previous years. For tax year 2016, there are some expected changes, but not much is dramatically…
Read More4 Great Tips to Anxiety-Free Taxes for Small Business Owners
For most people, tax time only comes once a year, but for small business owners and the self-employed, it rears its ugly head in the form of quarterly tax payments four times a year. And because small business owners have so many worries on their plate, thinking about and planning for taxes can be an…
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