Category: Tax Deductions

Preparing Taxes for Your Small Business

small business tax preparation

Taxes are an inevitable part of running any business and, as a small business owner, you may find yourself with questions regarding your business’s tax filing. Knowing how to prepare in advance of your tax filing day can ensure you

The Ultimate Self-Employed Tax Deduction Guide

This helpful guide outlines the basics of what you need to know about self-employed tax deductions and how to save money when it comes to tax season.

TAX CUTS AND JOBS ACT (TCJA) – PART 2

SECTION 199A DEDUCTION (from Form 1040 #1 in Part 1) Section 199A Deduction also known as the Qualified Business Income Deduction arises from the Tax Cuts and Jobs Act of 2017. This new provision allows many owners of sole proprietorships,

TAX CUTS AND JOBS ACT (TCJA)

The Tax Cuts and Jobs Act (TCJA) was passed on December 20, 2017.  It amended the Internal Revenue Code of 1986.  Many of these changes will be in effect until December 31, 2025 unless extended by Congress. Listed below is

Important Changes Regarding 2018 Business Deductions

Section 179: Equipment and property depreciation deduction Effective in the year 2018, the maximum amount you can elect to deduct for most section 179 property placed in service in the year 2018 is $1,000,000. Computers and Related Peripheral Equipment Computers

The Ins and Outs of Depreciation

Learn about depreciation and how to file a depreciation deduction on your small business tax return.

Tax Deductions for your Small Business

For a small business, claiming deductions can help decrease the amount of taxes paid out each year. Listed below are a few expenses entrepreneurs can take advantage of when it’s time to file. Auto Expenses   Whether your company owns

Important Changes Regarding 2014 Deductions

Effective in the year 2014, businesses are limited to only a $25,000 equipment expense deduction. In 2013, this limit was $500,000 for equipment. Section 179: Equipment and property depreciation deduction Additionally, Qualified leasehold improvements, qualified restaurant and retail improvements can be