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Before we get into which tax deductions and tax moves you can take, there are some basic concepts to help formulate your thinking[...]
Category - Chap 11 - Tax Deductions, Fringe Benefits
Before we get into which tax deductions and tax moves you can take, there are some basic concepts to help formulate your thinking[...]
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Section 199A deduction also known as the Qualified Business Income deduction arises from the Tax Cuts & Jobs Act of 2017. This is a significant tax break for small business owners but there are rules and limits of course[...]
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Similarly to the 185 reasons to not elect S corporation taxation, there aren’t 185 small business deductions that you cannot take. However, we want to start with the crazy things small business owners try to do since it is such a good springboard for[...]
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Before we get into the exciting world of automobiles, home offices and traditional business expenses, let’s explore the concept of depreciation. How it works, how it can help, and how it can bite. There are three basic types of depreciation available[...]
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There are some over-arching themes and concepts for all small business deductions. The business expense must be[...]
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Here is another concept that small business owners miss. Tax deductions only reduce taxable income. If you spend $1,000 and your marginal tax rate is 22%, then you only save $220 by spending $1,000. Every December, we fields hundreds of phone calls [...]
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Here is a quick list of the small business tax deductions that the IRS cannot stand. That isn’t phrased correctly. The IRS actually likes these tax deductions since most business owners either incorrectly deduct them or cannot substantiate an [...]
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A question we entertain almost daily is “I want to save taxes. Should I have the business buy me a car?” Our auto-attendant replies with, “Do you need a car?” If you answer with “Yes” the auto-attendant replies with, “Hold please.” If your “Yes” is [...]
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If the business truly owns the car, then it must be titled in the business’s name. The IRS is cracking down on this, and it makes sense. If the business is the owner, then the business must be on the title. This might be a challenge with car loans [...]
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