Taxes Articles

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    8 Business Expenses You Can’t Write Off

    by on July 1, 2015

    The IRS is fairly generous when it comes to tax deductions for small businesses. As a general rule, a business can write off any ordinary and necessary expense it incurs. There are, however, some notable exceptions to that rule. These eight expenses seem like …

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    Making Sense of Deferred Tax Assets and Liabilities

    by on June 29, 2015

    If you have your financial statements prepared for lenders or investors, your accountant may have noted deferred tax assets or deferred tax liabilities on your balance sheet. These assets and liabilities can directly affect your company’s cash flow for subse…

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    When Can You Write Off Meals on Your Taxes?

    by on June 19, 2015

    Being able to write off the cost of food and drink while traveling or meeting with clients is a huge perk for business owners. You should be careful, though, because the IRS rules related to meal deductions are complicated. Meals purchased while traveling or t…

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    How Self-Employed Professionals Can Minimize Their Taxes

    by on June 12, 2015

    As a small business owner, there’s a good chance that tax season is your least favorite time of the year. Not only is it a hassle to collect all your financial records and fill out the necessary forms, but self-employed individuals are also stuck paying taxe…

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    When Do You Need to Amend Your Business’s Tax Return?

    by on June 5, 2015

    Mistakes happen. No matter how diligent you are, there’s still a good chance of realizing you made a tax error months or years after you file. You always have the option to amend your business or personal tax return (or both). Amending is not always necessar…

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    The Best Retirement Plans for Entrepreneurs

    by on June 3, 2015

    If you want to be prepared for your retirement, you probably need to contribute to a retirement plan as you run your business. There’s always the option of stashing away cash in a traditional IRA or a Roth IRA. However, there are a handful of retire…

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    Want to Avoid an Audit? Make Sure Your Home Office Is IRS Compliant

    by on May 14, 2015

    The home office deduction is a tax benefit granted to small business owners who use part of their home for business purposes and meet IRS requirements. Deductible expenses that qualify under the home office deduction include everything from repairs, to mortgag…

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    How to Write Off a Vacation on Your Taxes

    by on May 8, 2015

    Are you longing to spend some time on a sun-soaked beach, but can’t afford the expense? If done properly, the IRS allows business owners to write off some aspects of their vacation expenses, even if the trip isn’t used solely for business purposes. Here are th…

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