When you say “end of the year”, most small business owners think of two things immediately. The second is the holidays. The first is taxes! While almost all of us pay taxes quarterly, we still have to file in January.
Home Based Business Tax Deductions
Running a home based business reaps many wonderful tax deductions that other businesses some times may not claim. Unfortunately to many small business owners end up paying the government taxes every year because they are unaware or several small business deductions that are available.
Maximize Your Tax Deductions Using The IRS’s “Two Business Location Rule”
If you’re like most Americans, your automobile is one of your biggest expenses. Gas, insurance, maintenance, and licensing all add up to a generous portion of the average person’s income, not to mention the actual cost of buying or leasing a vehicle.
Vehicle Deductions And Section 179
What can you tell me about Section 179. I own a small business and have heard that I can obtain a substantial tax benefit by purchasing a new vehicle. I was told that to obtain the most benefit I should purchase a vehicle with at least 6000 lb. Gross Vehicle Weight. How much benefit could I expect and do I have to maintain ownership for any specific length of time? If I purchase late in the year can I still utilize the deduction? Is there anything I should be aware of that could bite me if I’m not careful?
Quickbooks Question + Mileage Deductions
I have a question about payroll items and tax tracking categories in QuickBooks. I have JUST ME and I’m an 1120S, so I don’t feel it’s worth the $169 subscription price when I can download the tables once for free. I waited until after 2/15/2003 to activate my free download, but now the Payroll area keeps running me through the setup wizard and telling me that my tax tracking categories are all wrong. Even when I check “this payroll item is inactive” for the things I don’t use (like Tips Out and Tips In), it still gives me the error.
Tax Questions Answered: eBusiness Deductions
Hi Wayne,
I’ve had 3 CPAs all give me different answers, and a forth one flatly refuses to believe that any internet business is a “real” business; she’s strictly ‘Brick-n-mortar’.
I sadly found this out ‘after’ she did my taxes, and cost me thousands in deductions.