The small business tax world offers many benefits. Software programs and other subscriptions that you have for your business DO apply as deductions to your business expenses.
Originally, the cost of software and other such subscriptions had to be deducted only through depreciated cost over a full three year period. Now, Section 179 of the Tax [...]
As a small business owner, you probably go through plenty of office supplies. Things like paper for the printer, pens to keep on your desk and even the endless amount of paper clips that you keep in your drawer are all likely tax deductions.
Office supplies qualify as long as they are purchased to actually be [...]
Plenty of people find themselves shaking in their boots when they consider whether or not to add that tax deduction of their home office to their tax return. After all, isn’t it an instant invitation to the Internal Revenue System to perform an audit?Although this is commonly thought, it is not the case. If you [...]
Beware. Those that mess with the IRS are the most likely to find themselves in financial trouble, eventually. One of the smartest tax considerations for any small business owner is to stay legitimate. Do not try to cheat the IRS by making deductions that are truly personal expenses on your business account. Don’t reduce the [...]
Thanks to the complexity of the United States tax codes, the system itself, and the variations of tax codes from state to state, completing your personal tax return and maximizing your deductions and exemptions to their fullest potential, is like trying to complete a mind-twisting maze. The average individual required to file a personal tax [...]
Tax professionals are the first to tell you that the best way to not pay taxes is to plan not to pay taxes. Start planning on January 1st (or wherever you are right now) on ways that you can save your taxes. This includes everything from planning your expenses properly to keeping those receipts handy. [...]