A self-employed individual can generally deduct their necessary and ordinary business expenses incurred when traveling for business purposes from their income. However, it is important...
Posted by Tiffany Gaskin on 05/29/2021
Many people have hobbies like playing the piano or bead making simply for fun and do not expect any special monetary compensation from it. Some hobbies might require a couple...
Posted by KLSM CPA Firm PLLC on 03/17/2021
2020 was an extraordinary and challenging year. A Stanford University study found that around 40% of the U.S. workforce is now working full-time from home because of COVID-19. This...
Posted by Abundant Wealth Planning LLC on 03/09/2021
If you own a rental property, you should know your federal tax obligations. All rental income needs to be reported on your tax return, and the associated expenses can generally be...
Posted by Elliot Kravitz, ATP on 04/29/2021
When you file your business taxes, you may be gathering information and asking yourself what is deductible and not. Income tax deductions benefit your business because they lower your...
Posted by Flynn Financial Group Inc on 04/26/2021
Over 10 million Americans have side jobs, which they believe can be very helpful in achieving financial freedom, have more to spend, pay up debts, pay for a vacation and many more....
Posted by YourIRSTaxAdvocate.com on 11/05/2019
When it comes to tax treatment, there is a difference between unreimbursed business expenses for partners and S corporation shareholders. Also known as ordinary and necessary expenses,...
Posted by Elliot Kravitz, ATP on 04/17/2019
All businesses are required to report sales and income over a taxation year. Profits = Sales – Expenses Net Income = Profits – Taxes Categories included in an income...
Posted by The Accounting and Tax on 05/07/2015
