by Bill Houston | Jan 28, 2022 | Business Deductions
One of the best reasons to start a new business is to be able to move some of your personal expenses under your business umbrella and make them deductible. This is not an article about tax evasion. This is about using the tax code to your advantage to minimize the...
by Bill Houston | Jan 22, 2022 | Business Deductions
Business deductions are just that. They are expenses incurred in the operation of your business. The IRS says they have to be ‘ordinary and necessary’ for your business. The IRS doesn’t define ‘ordinary and necessary’ well but common...
by Bill Houston | Jan 22, 2022 | General Tax Info
When you file your taxes at the end of the year, you can file a sole proprietorship on a Schedule C, a C Corporation on a Form 1120, an S Corporation on a Form 1120S or a partnership on a Form 1065. There is no tax form for an LLC. If your business is registered...
by Bill Houston | Jan 3, 2022 | Business Deductions, General Tax Info
If the IRS determines that your business or investment activity is not conducted as a for-profit business, IRS Section 183 limits deductions to the amount of income from the activity. They will classify your activity as a hobby, and unlike a business, hobby losses...
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