Deductions Archives

Protect Your Family & Your Business with the Right Legal Entity

By 1800Accountant | Jul 12, 2013

It’s common to think, “I’ll wait until we grow some before I spend the money to form a corporation or LLC.” But delay in selecting the right legal entity when starting a small business can wind up costing a lot of money in higher taxes, as well as creating a potential legal disaster for the entrepreneur’s family.

7 Money-Saving Tips for Small Business

By Megan Totka | Jul 11, 2013

Money is one of the main ingredients in the recipe for success (or failure) of a small business. A necessary step in creating a budget you can stick to is finding the best ways to save money. You’ll be surprised to learn how simple some of these tips are to implement.

Start Now to Save on Small Business Tax Preparation for 2014

By 1800Accountant | Jun 19, 2013

Although it seems that tax season just ended, it is important to prepare for the future. Tax preparation is something every business owner should constantly keep in mind, and the 2014 tax season will approach quickly.

Don’t Miss These Small Business Tax Deductions

By Rick Gossett | Jun 13, 2013

For any small business, it is critical to be aware of available tax deductions in order maximize profit. Surprisingly, many businesses fail to realize some of the deductions that apply to their business. Here is a list of tax deductions shared by the US Small Business Administration that you should be aware of as a small business owner.

Writing Off Automobile Expenses 101

By Outright | Jun 7, 2013

Now that you have started your business, you’ve heard you can write off automobile expenses. So are you ready to buy that luxury sports car and write off the costs of driving around town and run errands?

5 Tax Issues That Cause IRS Trouble for 1099 Workers

By 1800Accountant | Jun 6, 2013

Are you a freelancer or independent contractor who receives a Form 1099 instead of a W-2 form at the end of the year? If so, then you should be aware of the five tax issues that are the most likely to cause IRS trouble for anyone subject to 1099 reporting of wages or income.

Business Travel Basics

By Rick Gossett | Mar 27, 2013

A business trip is a good opportunity to do productive work for your business while earning substantial deductions. But it’s important to know the rules and limitations of deductions for business trips. You need to be aware of what constitutes a business trip, what things are deductible, and what you need to do to support your claims. You can combine business trips with pleasure trips, but be careful to ensure your trip still qualifies.