Category Archives: Small Business

How to Deduct Your Home Office

If you work at home and don’t claim the home office deduction, you could be flushing money down the toilet. For the self-employed, a home office deduction can save you hundreds of dollars on your taxes. When claiming this deduction, … Continue reading

Posted in IRS, Self-Employed, Small Business, Tax Tips | Tagged , , , , , , , , , , , , , , , , , , , | Leave a comment

IRS Issues Standard Mileage Rates for 2019

The following article was published by the IRS. The Internal Revenue Service has issued the 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. … Continue reading

Posted in Corporate Taxes, IRS, Personal Taxes, Self-Employed, Small Business, Tax Deductions, Tax Tips, Taxes | Tagged , , , , , , ,

Several Tax Law Changes May Affect Bottom Line of Many Business Owners

The Internal Revenue Service is reminding business owners that tax reform legislation passed last December affects nearly every business. With just a few days left in the year, the IRS is highlighting important information for small businesses and self-employed individuals … Continue reading

Posted in Corporate Taxes, IRS, Self-Employed, Small Business, Tax Deductions, Tax Law Changes, Taxes, Year End | Tagged , , , , ,

IRS Explains 20% Deduction for Qualified Business Income

The IRS has issued regulations on the new 20% deduction for qualified business income (QBI) created by the TCJA, also known as the pass-through deduction. Here’s a summary of the basic rules: For tax years beginning after Dec. 31, 2017, … Continue reading

Posted in Corporate Taxes, IRS, Personal Taxes, Planning Strategies, Self-Employed, Small Business, Tax Deductions, Tax Law Changes, Tax Tips, Taxes | Tagged , , , , , , ,

Maximize Your Qualified Business Income Deduction

You may have heard a lot of talk in the news about a new deduction for “pass-through” income, but it’s actually available for qualified business income from a sole proprietorship (including a farm), as well as from pass-through entities such … Continue reading

Posted in Corporate Taxes, Personal Finance, Personal Taxes, Planning Strategies, Self-Employed, Small Business, Tax Deductions, Tax Law Changes, Tax Tips, Taxes, Uncategorized | Tagged , , , ,

Reminder for New Tax Return Due Dates, Other Tax Reform Changes

Due dates changed for partnerships, C corporations and several other business returns last year. For calendar-year S corporations and partnerships, the filing date is March 15 and is April 15 for C corporations. The date for fiscal year C corporations … Continue reading

Posted in Compliance, Corporate Taxes, Health Care, IRS, Personal Taxes, Planning Strategies, Self-Employed, Small Business, Tax Law Changes, Tax Tips, Taxes, Year End | Tagged , , , , , , , ,

Wayfair

On June 21, 2018, the U.S. Supreme Court handed down a historic decision in the sales and use tax nexus case South Dakota v. Wayfair, Inc. The 5–4 ruling overturns physical presence standards upheld in previous cases, such as Quill … Continue reading

Posted in Compliance, Excise, Government, Sales, Self-Employed, Small Business, Tax Law Changes, Taxes | Tagged , , , , ,