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Auto Expenses

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If you use your car for business purposes, you may be able to deduct car expenses. You generally can use one of two methods to figure your expenses: Actual Expenses or the Standard Mileage Rate. Actual Expenses Deductible Items — If you choose to deduct actual expenses you can deduct the cost of the following items: […]

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Independent Contractor or Employee

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Independent Contractor or Employee Are your workers independent contractors or employees? The answer can have a profound impact on your record keeping requirements as a small business owner. Knowing whether your workers are or are not employees will affect the amount of taxes you must withhold from their pay. It will affect how much additional […]

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Meals & Entertainment

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As many have heard, the new Tax Cuts & Jobs Act provides stricter limits on the deductions of business meals and entertainment expenses. Under these new regulations entertainment expenses incurred or paid after December 31, 2017 are nondeductible unless they fall under the specific exceptions of Code Section 274(e). One of those exceptions is the […]

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Home Office

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Home Office / Business Use of the Home If you are self-employed and you use part of your home for business, you may be able to deduct expenses for the business use of your home. These deductible expenses may include the business portion of real estate taxes, deductible mortgage interest, rent, insurance, utilities, maintenance or […]

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