Category Archives: business tax deductions

Small Business Tax Questions: How Do You Pay The Owner of a Small Business?

Do you own a small business and need to know how to compensate yourself? The way you pay yourself depends on the type of business entity you own from a legal standpoint. There are five possible scenarios: 1. Sole proprietorship. … Continue reading

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Small Business Tax Deductions: Top 3 Ways to Deduct All Your Medical Expenses

As a small business owner, do you wonder how to deduct medical expenses on your tax return? This article will help you sort out that issue. Medical expenses are deductible on Schedule A, but most don’t get to take advantage of … Continue reading

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Small Business Tax Questions – Are You Required To Deduct Expenses This Year?

If you’re a small business owner or self-employed person, what do you do if you have little or no income this year, along with substantial expenses? Do you have to report and deduct those expenses in the year in which … Continue reading

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Small Business Tax Questions – What Bookkeeping Software Should You Use?

Any small business needs a good bookkeeping system. Without it, you’ll never know how the business is doing and whether it is profitable. Without it, you’ll have big problems at tax time because you won’t have accurate information to report … Continue reading

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Small Business Tax Questions – What Expenses Are Tax Deductible?

When starting a new small business, one of the most common questions is simply this: “What’s deductible?” It’s a great question and this article will attempt to answer it. An expense is deductible provided it is ordinary and necessary. Ordinary … Continue reading

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Two Overlooked Small Business Tax Deductions

When it comes to tax deduction strategies, we all look for The Magic Pill. It’s tempting to wonder whether there’s a secret list of unknown and unused tax deductions that the government is hiding from the average small business owner. … Continue reading

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Can Your Business Account Be Used To Pay Personal Expenses?

Do you ever use your business bank account to pay personal expenses? Perhaps you’ve got some bills due tomorrow and to save time, you pay the mortgage or the electric bill right from the business account. Is that OK? This … Continue reading

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Self-Employed Tax Questions: Should I Buy A Company Car?

Here’s an excellent question that I received recently: “Thank you for your emails. I am about to buy a car, and I am trying to decide whether to make it a company car. My consulting business is a single-owner LLC, … Continue reading

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Small Business Tax Questions: What Tax Deductions Are Available For S Corporations?

Perhaps you own an S corporation and are wondering what tax deductions are available for your business? You came to the right place – read on to find out. First, the good news: virtually all tax deductions that other business … Continue reading

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Small Business Tax Deductions: How Much Car Expense Is Tax Deductible?

If you use your vehicle in your small business or self-employment activity, how much car expense can you write off on your income tax return? Read on to find out. Vehicle deductions operate on this basic principle: your car-related expenses … Continue reading

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