The IRS has been increasing its audit efforts, focusing on large businesses and high-income individuals. See how to prepare for an IRS audit.
business expenses
Your Weekly Read
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.
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),...
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144 W 2nd St
Washington, NC 27889
Washington, NC 27889
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