When Does The Mileage Meter Start?
Many small businesses require auto usage which means that you may be able to claim at least some of the mileage costs on your business’s taxes. The question is, though, when does your mileage start being counted?
If you own a small business and run it from your home, then [...]
Stay At The Hilton But Eat At Mc Donald’s
That’s the best way to get the most out of your tax deductions when you are traveling on business. The fact is that your travel accommodations, such as your hotel room, are 100 percent tax deductible when they are fully business related. Therefore, take full [...]
What Documentation Is Essential?
The IRS requires that any income, expenses and purchases that you make for your small business be kept in some form of documentation. This includes a large number of items in most businesses. All bank statements, all canceled checks and all receipts are essential to keep organized. All accounts [...]
Two Rules For The Self Employed
As much as the government enjoys the creation of new businesses, it just as much scrutinizes them because according to the IRS they are the most likely to cheat on their taxes. The government watches this carefully.
There are two things that you need to keep in mind to [...]
Should I Hire A Professional?
You may work from home part time. Or, you may work from home full time, but do not make a large profit. In either case, you may not be able to consider hiring a tax professional to handle your tax planning. The question you should be asking, though, [...]
Do You Need Health Insurance? Deduct It
For those that are self employed and paying their own health insurance premiums, the benefit could be in the form of a tax write off. The costs are 100 percent deductible to you. This only applies to certain scenarios such as those that are in proprietorships. [...]
Around The Office Deductions
Most businesses miss a handful of donations that are quite common. Just take a look around your office and you may find some that are considered write offs. On your desk, you may notice your bank statement for your business. Take a look at it. Those fees on [...]
Claiming Bad Debts? You May Not Be Allowed To
There are many items in business when you are left with providing a product or service and the buyer does not pay. Unfortunately, this is not always something that you can deduct off your taxes. The tax laws allow for some bad debt expenses [...]
Business Deductions For Those Businesses Getting Started
Did you know that some of the expenses of getting your business started qualify as a business deduction? Most new businesses incur many costs from the start. These include things like advertising, office supplies, repairs and utilities. These are considered capital expenses. The first [...]
You Have To Prove Expenses On Property
As a professional running your business out of a specific location, you either pay rent or are buying property. When it comes to having records of your property and the right to claim expenses on this property, it is up to you to do so at the time [...]