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.
business expenses
Your Weekly Read
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.
The cents-per-mile rate for business miles decreases again for 2021
This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-and-one-half cents, to 56 cents per mile. As a result, you might claim a lower deduction for vehicle-related expenses for 2021...
PPP loans have reopened: Let’s review the tax consequences
The Small Business Administration (SBA) announced that the Paycheck Protection Program (PPP) reopened the week of January 11. If you’re fortunate to get a PPP loan to help during the COVID-19 crisis (or you received one last year), you may wonder about the tax...
Need another PPP loan for your small business?
Congress recently passed, and President Trump signed, a new law providing additional relief for businesses and individuals during the COVID-19 pandemic. One item of interest for small business owners in the Consolidated Appropriations Act (CAA) is the opportunity to...
New tax law makes favorable changes for business deductions
The COVID-19 relief bill, signed into law on December 27, 2020, provides a further response from the federal government to the pandemic. It also contains numerous tax breaks for businesses. Here are some highlights of the Consolidated Appropriations Act of 2021 (CAA),...
IRS announces per diem rates for business travel
In Notice 2020-71, the IRS recently announced per diem rates that can be used to substantiate the amount of business expenses incurred for travel away from home on or after October 1, 2020. Employers using these rates to set per diem allowances can treat the amount of...
Good records are the key to tax deductions under IRS audit
If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full amount of the tax deductions to which you’re...
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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