Four Common Tax Errors That Can Be Costly for Small Businesses

The following article was published by the IRS.  A small business owner often wears many different hats. They might have to wear their boss hat one day, and the employee hat the next. When tax season comes around, it might be their tax hat. They may think of doing their taxes as just another item to [...]

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 [...]