Category Archives: business tax deductions
Your Biggest Obstacle to Paying Less Tax This Year
Before I tell you the biggest obstacle to small business tax reduction, let me tell you a story. One foggy night the captain of a large ship saw what appeared to be another ship’s lights approaching in the distance. The … Continue reading
Small Business Tax Deductions – “D” Is For “Don’t Do Depreciation”
Do your eyes glaze over at the thought of those mind-numbing depreciation rules? Well, take heart, small business owner. Thanks to a tax law known as Section 179, you can probably kiss those depreciation rules good-bye. Depreciation is the name … Continue reading
Small Business Tax Deductions – How To Deduct Commuting Mileage
For most folks, commuting mileage is a non-deductible expense — unless you know the legal tax loophole I’m about to reveal. The non-deductibility of commuter miles is painfully true for the employee who fights rush hour traffic every day, twice … Continue reading
Does The IRS Require Receipts?
I regularly receive email from sincere folks who ask questions like this: “Is it true? If I don’t have good records, will I really pay more tax than I could/would/should have?” Or how about this one: “If I don’t have … Continue reading
Posted in business tax deductions, tax audits, tax record keeping
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How To Deduct Anything
Looking for an easy way to know exactly what you can and cannot deduct on your income tax return? Knowing what is deductible and what isn’t deductible has mystified self-employed people for decades. This post should help you see the big picture. … Continue reading
What’s Deductible?
Here’s an answer to “The Most Commonly Asked Self-Employed Tax Question.” But first, do you know what that question is? Here it is: What’s deductible? That’s it. Without a doubt, it’s the most common tax question I receive every year. … Continue reading
Small Business Tax Deductions: 4 Myths About the Home Office Deduction
Are you afraid to take advantage of the home office deduction? Perhaps you are the victim of one or more of these common tax myths. Unfortunately, many self-employed folks shy away from taking the home office deduction for at least … Continue reading
Small Business Tax Deductions: 3 Keys to Hiring Your Children in Your Small Business
Have you ever wondered whether hiring your child to work in your small business is a legitimate business practice? Yes, it is perfectly legal to put your son or daughter on the payroll. This is a great tax deduction for … Continue reading
Small Business Tax Deductions: How Does A Sole Proprietor Get Paid?
If you are a sole proprietor, are you wondering how to compensate yourself? This article will answer that question. By sole proprietor, we’re talking about the self-employed person who reports his or her small business on Schedule C. This also … Continue reading
Small Business Tax Questions: Do You Really Have To Keep Receipts?
Do you ever wonder whether it’s really necessary to keep receipts to document your small business or self-employed tax deductions? Does the IRS expect you to maintain detailed records as proof of business expenses? The answer to that question is … Continue reading