Landlords: Are You Taking Your Interest To The Bank?
There are many tax deductions for landlords. One of the largest that you may qualify for is interest deductions. Because you are operating your own business by purchasing and renting property, you are able to claim deductions on that property. The largest of [...]
What The IRS Wants To Know
As a small business owner, it is your responsibility to report any and all business income to the government accurately. They want full information. In most cases, accurately reporting your income and tax situation will provide you with an “in the clear” type of situation. Yet, you [...]
Using Your Child In Your Business? Write It Off
There are several ways to benefit from employing your child in your business. First, in order for this to happen, you must be a sole proprietor or be in a partnership where you and your spouse are the only partners. Then, if you hire [...]
Can Taxes Be Deducted?
In many cases, the taxes that you pay on your business are generally deductible. But, not all taxes are deducted in the same way. For example, sales tax on the items that you buy for day to day operations are deductible because they are part of the cost of the item. [...]
Take Your Auto Expenses!
One of the most frequently missed deductions for business owners is auto expenses. If you use a vehicle wholly or in part for your business needs, it is your right to get a business deduction from that vehicle. This includes getting a deduction for anything that goes into keeping your [...]
Having Trouble With Business Calls As Deductions From Home?
It can be difficult for anyone to keep track of the costs of telephone conversations especially in this day and age of cell phones. Yet, those that receive calls at their home regarding business, especially if you have your home office there, can easily deduct these [...]
I Don’t Have A Receipt For My Expense
Far too many small businesses fail to write off enough of their business deductions because they do not have a receipt for it. For example, in the course of your day, you may have paid for a bus ride across town to meet with a potential client. [...]
Handling Effectively Cash Transactions
Many businesses operate with cash transactions. The government is very specific about these types of transactions and they can be, unfortunately, costly to anyone not reporting correctly.
The underground economy in general is a target for the IRS and the government itself. For this reason, specific laws exist for [...]
How Big Is Your Home Office In The Tax World?
Your home office can serve as a tax deduction for your business, if you would like it to help you to reduce the amount of taxes you pay on your business income. But, if it is not your whole home, how do you know how [...]
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 [...]