Category Archives: Small Business

Business Owners can Claim a Qualified Business Income Deduction

The following article was published by the IRS. Eligible taxpayers may now deduct up to 20 percent of certain business income from domestic businesses operated as sole proprietorships or through partnerships, S corporations, trusts, and estates. The deduction may also … Continue reading

Posted in Corporate Taxes, IRS, Self-Employed, Small Business, Tax Deductions, Tax Law Changes, Tax Relief, Tax Tips, Taxes | Tagged , , , , | Leave a comment

Recent Developments That May Affect Your Tax Situation

The following is a summary of important tax developments that occurred in October, November, and December of 2018 that may affect you, your family, your investments, and your livelihood. Business meals. One of the provisions of the Tax Cuts and … Continue reading

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

IRS Waives Penalty for Many Whose Tax Withholding and Estimated Tax Payments Fell Short in 2018

The following article was published by the IRS. The Internal Revenue Service has announced that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total … Continue reading

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

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 , , , , , , , , , , , , , , , , , , ,

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 , , , , , , ,