Small businesses that get their loans forgiven cannot accept tax deductions for wages and other associated expenses, the IRS said in a ruling that downgrades the potential value of...
Posted by Daniel P Vigilante CPA and Profit Consultants on 07/06/2021
An independent contractor is a business owner as well, like a sole proprietor.As a result, you get the liberty to structure your schedule and create a career path for yourself. While...
Posted by Tiffany Gaskin on 07/06/2021
Data from recent statistics revealed that about $1.2 trillion was claimed as tax deductions last year. From this, a handful of people went through the standard deduction route. Unfortunately,...
Posted by Thomas G Kinsella, ATP on 06/11/2021
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
In estimating the business use of a vehicle, there are two methods. One needs to calculate the vehicle expenses using each mode and select the most significant deductions approach. The...
The presence of business equipment and supplies gotten for tax purposes might make things a little complicated when it comes to filing a business tax return. These two business purchases...
Posted by The TaxAdvocate Group, LLC on 03/31/2021
A reverse mortgage is a means of generating income when you employ the equity in your home. This loan provides an excellent way for seniors to get money if finances are not working...
Posted by Karen Munoz, EA on 03/05/2021
For everyone with real estate that they offer for rent, there is the potential for tax deductions besides the regular income it guarantees. However, the first step is to ascertain...
Posted by Tiffany Gaskin on 02/16/2021
There are several ways to reduce the tax burden. However, the two most popular are probably tax credits and tax deductions. While they may look the same, they are two very different...
Posted by KLSM CPA Firm PLLC on 02/09/2021
