Deducting Business-Related Car Expenses

If you’re self-employed and use your car for business, you can deduct certain business-related car expenses.

The first thing small business owners need to know is that there are two options for claiming deductions:

Dirty Dozen Tax Scams For 2022

The “Dirty Dozen” is a list of common tax scams that target taxpayers. Compiled and issued annually by the IRS, it includes a number of aggressive and evolving schemes that taxpayers should avoid. Let’s take a look at this year’s “Dirty Dozen” tax scams:

Common Small Business Budgeting Errors To Avoid

When creating a budget, it’s essential to estimate your spending as realistically as possible.

Here are five budget-related errors commonly made by small businesses and some tips for avoiding them.

Choosing The Correct Business Entity

One of the most important decisions you’ll make when starting a business is choosing the right business entity. It’s a decision that impacts many things–from the amount of taxes you pay to how much paperwork you have to deal with and what type of personal liability you face.

Taxpayer Rights: Pay No More Than The Correct Amount

As a reminder, taxpayers have the right to pay only the amount of tax legally due, including interest and penalties. They also have the right to have the IRS apply all tax payments properly. This is one of 10 fundamental rights known collectively as the Taxpayer Bill of Rights.

Business Meals Fully Deductible In 2021 And 2022

Beginning January 1, 2021, and extending through December 31, 2022, businesses can claim 100% of their food or beverage expenses paid to restaurants as long as the business owner (or an employee of the business) is present when food or beverages are provided, and the expense is not lavish or extravagant under the circumstances.

Small Business Financing: Securing A Loan

At some point, most small business owners will visit a bank or other lending institution to borrow money. Understanding what your bank wants and how to approach them properly can mean the difference between getting a loan for expansion or scrambling to find cash from other sources.

What To Know About The Gig Economy And Your Taxes

The gig economy, also called sharing or access economy, is defined by activities where taxpayers earn income providing on-demand work, services, or goods. This type of work is often carried out via digital platforms such as an app or website. There are many types of sharing economy businesses, including two of the most popular ones: ride-sharing, Uber and Lyft, for example, and home rentals such as Airbnb.

The 2022 Tax Filing Season: What You Need To Know

Monday, January 24, 2022, was the official start to this year’s tax season. By now, everyone should have received most of the information they need to make sure they file a complete and accurate return. Keep reading to learn more about what you should know including the filing deadline for most taxpayers, key items you need to prepare for filing, other important dates, and more.

Small Business: Deducting Startup Costs

If you’ve recently started a business – or are thinking about starting a business – you should know that as an owner, all eligible costs incurred before beginning to operate the business are treated as capital expenditures. As such, they are part of the cost basis for the business.