With the virtual world being bigger than ever before, there are more and more taxpayers who work out of their homes. Many of these people own small businesses or are freelancers and may even qualify for the home office deduction. Often the words “home office deduction” make taxpayers fear it as an audit trigger. However, […]
Home Office Business Deduction, Can You Take It? Read More »
According to the IRS, the most common federal tax form filed by the majority of one-owner businesses is Schedule C. It is the “Profit or Loss from Business” form. The form is used to report business income and business expenses. Business income is any income you receive that is related to your business. It is
Small Business Taxes: What Can You File on Schedule C? Read More »
The recent Tax Cuts and Jobs Act saw the corporate income tax rate declining from 35% to 21%. Taxation of income has significant benefits on the American economy. However, it is essential to note that not all income is taxable. Income can be in the form of services, property, or money. The IRS has outlined
Taxable & Non-Taxable Income: What’s the Difference Read More »
Running a small business can be very challenging, and that’s without putting taxes into the equation. Even if you do your best, pay and file your taxes time, and report everything the way you should on your tax return, there’s still a chance that you might get audited. Today, the IRS audits less than 1%
The Top 6 Small Business Tax Audit Triggers Read More »
Are you thinking of filing your tax return on your own? Taxes often seem straightforward until you sit down to do them. But then you’re drowning in tax documents and pulling your hair out trying to figure out what information goes where. If you’re asking yourself, “Should I hire someone to do my taxes?” you
5 Major Reasons You Should Hire Someone To Do Your Taxes This Year Read More »
A New Year and New You is upon you, making it important to employ the best tax tips that could lower your taxes! It’s a New Year and a New You, making it important to employ the best tax tips that could lower your taxes! There is still time for you to use these strategies
New Year New You 4 Best Tax Tips Read More »
Does your business have proven ways and methods to build your customer loyalty? Before we dive into the proven ways you can build loyalty, let us examine what customer loyalty is and why it’s so important. The ways your business measures customer loyalty may differ from other businesses. That said, in the end, all businesses
5 Proven Ways to Build Your Customer Loyalty Read More »
Doing It Yourself (DIY) can and will destroy your business! Dangers exist all around you when you try to do everything yourself. I meet small business owners daily. When I ask them how their business is going; most of them will say the same thing. “I’m overworked and the rewards of owning a business aren’t
5 Ways DIY Will Destroy Your Business Read More »
As a taxpayer you need to know that you have rights; rights existing in Taxpayer Your Bill of Rights, designed to help you when having to deal with the IRS. You have the right to know what you need to do in order to comply with tax laws. This means you’re entitled to clear outlines,
Why You Need To Know Your Taxpayer Bill Of Rights Read More »
The lines can get muddied from time to time, regarding personal and business expenses. What you or someone at your company may consider to be a business expense, may not meet the standards or requirements of the IRS. Regarding personal versus business expenses; the IRS states that you cannot deduct personal, living or family expenses.
How to Avoid the Danger of Expense Confusion Read More »
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