Home Office Tax Rules to Know
Many self-employed individuals and small business owners can claim deductions for using part of their home for business. Here are the IRS rules for the home office deduction.
Business Tax Myths Exposed
Running a business means juggling countless responsibilities, especially when it comes to taxes. With laws frequently changing, keeping up with your federal, state, and local tax obligations can feel overwhelming. When it comes to small businesses, misinformation is everywhere. Below, we clear up several common misconceptions that could be costing you.
Turn Travel into a Tax Deduction
Did you know your next vacation could qualify as a tax deduction? With the right strategy, travel can become a powerful business write-off. In this guide, we break down how to structure your travel to stay compliant with IRS rules.
Section 179 Deduction
If you are a business owner planning to invest in assets for your company, one powerful provision to consider is the Section 179 Deduction. This tax-saving opportunity can significantly reduce your business’s taxable income. In this guide, we’ll explore what you need to know about the provision.
Benefits of Hiring a Tax Professional
Navigating the complexities of the U.S. tax system can be overwhelming, especially with frequent changes to tax laws and regulations. The benefits of hiring a tax professional include peace of mind and the assurance that you maximize credits and deductions while staying compliant with the IRS. By seeking expert guidance, you can reduce your tax liability and avoid costly errors.
Estimated Tax Payments Explained
Estimated tax payments ensure you stay compliant with federal tax obligations if your income isn’t subject to withholdings. Whether you’re an independent contractor, freelancer, or small business owner, understanding these payments is crucial to avoid penalties. Let’s explore what triggers estimated tax payments, who must pay them, and how to meet these obligations effectively.
Car Expenses: How Do I Deduct Them?
If you’re self-employed or a freelancer and use your car for business purposes, you may be eligible to deduct car expenses on your taxes. Understanding the deduction options available can help you save money while staying compliant with IRS regulations. Below, we outline the key methods for deducting your car expenses and provide tips for choosing the best approach for your situation.