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Searching for: Business Tax Deductions

Recordkeeping Dos and Don’ts for Business meal and Vehicle Expenses

Recordkeeping Dos and Don’ts for Business meal and Vehicle Expenses

If youre claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law.
If you run a business from home, you could qualify for home office deductions

If you run a business from home, you could qualify for home office deductions

If you're self-employed and run your business from your home or perform certain functions there, you might be able ...
Fortunate enough to get a PPP loan? Forgiven expenses aren’t deductible

Fortunate enough to get a PPP loan? Forgiven expenses aren’t deductible

The IRS has issued guidance clarifying that certain deductions aren't allowed if a business has received a ...
The CARES Act liberalizes net operating losses

The CARES Act liberalizes net operating losses

The Coronavirus Aid, Relief, and Economic Security (CARES) Act eliminates some of the tax-revenue-generating ...
New COVID-19 law makes favorable changes to “qualified improvement property”

New COVID-19 law makes favorable changes to “qualified improvement property”

The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules ...
The tax implications of a company car

The tax implications of a company car

The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This ...
Your home office expenses may be tax deductible

Your home office expenses may be tax deductible

Technology has made it easier to work from home so lots of people now commute each morning to an office down the ...
Small Businesses: It may not be not too late to cut your 2019 taxes

Small Businesses: It may not be not too late to cut your 2019 taxes

Don't let the holiday rush keep you from taking some important steps to reduce your 2019 tax liability. You still ...
Holiday parties and gifts can help show your appreciation and provide tax breaks

Holiday parties and gifts can help show your appreciation and provide tax breaks

With Thanksgiving behind us, the holiday season is in full swing. At this time of year, your business may want to ...