As you determine what business expenses you can write off on your tax return, keep in mind the “ordinary and necessary” rule.
business expenses
Your Weekly Read
How to help protect your business expense deductions
To help justify your business expenses, it’s important to keep careful business records. Here are some DOs and DON’Ts based on a recent court case.
OBBBA includes new 1099 reporting requirements for 2026 payments
The One Big Beautiful Bill Act finally increases the 1099 reporting threshold from $600 to $2,000 for payments made in 2026.
The One Big Beautiful Bill includes favorable depreciation changes
Some of the biggest and best changes in the OBBB involve changes to the depreciation rules. Here’s how you can benefit.
What business owners should know about The One, Big, Beautiful Bill
You’ve probably heard about The One, Big, Beautiful Bill in Congress. If enacted, what does it mean for your business?
From flights to meals: A guide to business travel tax deductions
If you’re a small business owner, you want to take full advantage of the tax deductions allowed for business travel. They can reduce your taxable income. Safe travels and happy deducting!
How your business can prepare for and respond to an IRS audit
The IRS has been increasing its audit efforts, focusing on large businesses and high-income individuals. See how to prepare for an IRS audit.
When can business travel expenses be deducted?
The rules surrounding tax deductions for business travel are complex. Here are some of the things you need to know.
Pay attention to the tax rules if you turn a hobby into a business
There are a number of different hobbies that some taxpayers turn into businesses. Here’s how they can protect tax breaks on their tax returns.
When partners pay expenses related to the business
If you’re a partner in a partnership business, can you deduct expenses you incur on your personal tax return? Here are the rules.
What types of expenses can’t be written off by your business?
As a business owner, expenses can be written off in order to save you money. What things can’t be written off?
Update on depreciating business assets
Inflation has some beneficial side effects. One is that the amount of depreciation tax breaks your business can claim has increased for 2023.
Read something interesting? Want more information? Give us a call, and we will be happy to assist you in any way we can.
144 W 2nd St
Washington, NC 27889
Washington, NC 27889
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