If you own fixed property that is legally under your name or your businesses name, you may be subject to real estate tax. Find out how to calculate your tax bill!
Here are some tips and things to keep in mind when it comes deductions for advertising expense. Read more about the industry you're in here.
For a full list of Public Transportation Tax deductions read here. When it comes to filing your taxes, make sure you have all the necessary information needed.
Home expenses related to your business may be eligible for deduction. There are a few guidelines and things you should know. Read more.
If you incur costs throughout the year that pertain to membership fees or union dues, these could all be considered deductible business expenses.
Office space may be deductible. To find out if your office, building, home office or coworking space is eligible read more here.
Dental and Medical expenses are deductible on your tax return. Read more to see what medical and dental expenses can be included in 2022.
Obtaining an EIN has various benefits. First, make sure you understand all the benefits and restrictions by reading more information here.
If you are relocation for business reasons, your moving expenses may be deductible. To find out if you are eligible for a moving expense deduction read on.
If you travel for a convention, seminar or trade show, you may be able to deduct certain things. Ex. Sometimes travel, food, lodging and the event itself.
Contributing to your retirement plan as a self-employed professional opens up additional tax credits and benefits. Learn about the 'Savers Credit' by clicking here!
As a sole proprietor you should understand the pros and cons of doing so and compare its features to those of other organizational structures.
Understanding tax basis vs book accounting are two different things. Leveraging both can help you and your business succeed at tax time.
You can deduct contributions to your SEP, and contributions to the plans of your employees, which can create significant tax savings for entrepreneurs.
As a member of an LLC, your share of business income is taxed at personal income rates. Be sure to understand how this can affect you. Read more.
Credit card and merchant fees are sometimes deductible on your taxes. To find out more, and how to ensure you qualify, read here.
If you have incurred office expenses like printing and postage, you may be eligible for deductions. To see if your office expenses can be deducted read on.
Health insurance premiums you pay for yourself and your family may deductible. Here's what you should know about self employed health insurance deductions.
In order to be eligible for the foreign earned income credit, you must meet certain requirements. Read what those requirements are here.
You can deduct a portion of your self employment tax when you file your tax return at the end of the year. Read more here.
The research credit can shield some of your professional business income from taxation if you perform technological research as part of your business. Learn about the credit here.
The contribution and deduction limit for a SIMPLE IRA is higher. To see how you can benefit from this and to learn more, click here.
If you're travelling for business, you may be eligible to deduct meal expenses and incidental expenses using a per diem rate. Read more here.
The IRS allows you deduct state and local income taxes when you prepare your federal tax return. To understand more, read here.
In most cases you can deduct insurance expenses related to your business. Before deducting, read more here or discuss with your tax advisor.
Business utility expenses including electricity, gas, water, telephone and internet are most likely deductible. To better understand, read more here.
Training courses and classes to further your professional career may be eligible for deductions as tuition, related course materials, as well as travel.
Most businesses will incur some sort of legal and professional expense during a given year. This shouldn't be overlooked! Read more here.
Despite the tax benefits of hiring a contractor, you should carefully consider how the people you hire should be classified. Read how this can affect you.
Fringe benefits can be a strategic method for an employer to save on taxes while still benefiting the employee. Find out more about the tax implications here.
The Retirement Savings Contributions Credit rewards entrepreneurs who contribute to qualifying plans by allowing them to take a credit.
Understanding 401K plans and tax deductions helps makes doing your taxes easier. Be sure to know what you can deduct this year by reading more here.
The Section 179 deduction allows you to fully deduct certain qualifying property in the year purchased. To better understand, read more here.
The list below covers a handful of deductions that generally will not be allowed or eligible. To view this list click here.
Do you know the difference between cash basis vs accrual accounting? Read our industry examples here to help better understand.
If you pass the substantial presence test, you will be considered a U.S. resident for tax purposes and would be subject to taxation in the United States.
To elect to be taxed as an S corp you must be an eligible domestic corporation. To see the benefits and know more, click here.
The IRS allows you to deduct state franchise taxes when you do your tax return. Find out more by reading this article on franchise taxes.
If you purchase office furniture or equipment for business purposes, you may be eligible for an office furniture tax deduction. Read more here.
Did you know a portion of business startup costs you incur and some organizational costs you incur can be deducted in the year you open your business?
The IRS will consider an activity a hobby if you are not trying to make a profit. It's important to understand the difference between the two types of gigs.
