Recordkeeping DOs and DON’Ts for business meal and vehicle expenses If you’re 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…
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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 to claim deductions for home office expenses…
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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 Paycheck Protection Program (PPP) loan. Specifically, an expense isn’t deductible if both:…
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The CARES Act liberalizes net operating losses The Coronavirus Aid, Relief, and Economic Security (CARES) Act eliminates some of the tax-revenue-generating provisions included in a previous tax law. Here’s a look at how the rules for claiming certain tax losses…
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 for many improvements to interior parts of nonresidential buildings. This is referred…
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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 benefit results in tax deductions for the employer as well as tax breaks for…
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 hall. However, just because you have a home office space…
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 have time to execute a few…
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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 show its gratitude to employees and…
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