Small Businesses Can Benefit from Deducting Vehicle Costs on Their Taxes

Businesses that use a car or other vehicle may be able to deduct the expense of operating that vehicle on their taxes. Businesses generally can use one of the two methods to figure their deductible vehicle expenses: Standard mileage rate Actual car expenses For 2019, here are the standard mileage rates for calculating the deductible costs [...]

Home Office Deduction Benefits Eligible Small Business Owners

The following article was published by the IRS.  Small business owners may qualify for a home office deduction that will help them save money on their taxes, and benefit their bottom line. Taxpayers can take this deduction if they use a portion of their home exclusively, and on a regular basis, for any of the following: [...]

Businesses Should Review Depreciation Deductions Rules

The following article was published by the IRS. Businesses should know the tax rules for deducting depreciation on certain property. This deduction can benefit eligible business taxpayers. The Tax Cuts and Jobs Act made changes to the rules around depreciation that will affect many businesses. First off, businesses should remember they can generally depreciate tangible property, [...]

Have a Sunnier Tax Season with These Summertime IRS Tax Tips

The following article was published by the IRS. Buying a home? Working a summer job? Volunteering? Activities that are common in the summer often qualify for tax credits or deductions. And, while summertime and part-time workers may not earn enough to owe federal income tax, they should remember to file a return to get a refund for taxes [...]

Business Taxpayers Should Take Another Look at Their Estimated Tax Payments

The following article was published by the IRS. Taxpayers who pay quarterly estimated tax payments may want to revisit the amount they pay. The Tax Cuts and Jobs Act changed the way most taxpayers calculate their tax. These taxpayers include those with substantial income not subject to withholding, such as small business owners and self-employed individuals. [...]