by Bill Houston | Feb 8, 2023 | Business Deductions
Here are deductions we see in nearly every business return we prepare. They are so common that I usually ask the taxpayer if they’ve forgotten something when I don’t see expenses in these categories. Business meals – for 2022 the deduction is back down to 50%. The...
by Bill Houston | Feb 8, 2023 | Business Deductions
New businesses make mistakes that can cost them money, sometimes a lot of money. Here are the most common ones I see every year. Lack of good records – this leads to multiple errors, such as missing deductions, problems with cash flow, difficulties or...
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 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...
by Bill Houston | Dec 8, 2020 | Business Deductions, Reduce Your Taxes
If you earn your living as a contractor, you pay self-employment taxes on the profit your company makes. You could be a real estate agent, a builder, a car salesman, whatever. As a contractor, if you don’t pay estimated taxes throughout the year, you’re...
Recent Comments