Filing taxes for your business can be complicated, with even small mistakes leading to missed deductions or higher tax bills. Ever-changing tax rules only add to the challenge. Read further for practical advice on avoiding the most common business tax pitfalls.
The tax rules on deducting meals have changed over the years. What kinds of deductions are available, and when? What about the annual holiday party for your employees?
Section 199A is considered a valuable tax benefit for small business owners. It allows qualified businesses to deduct about 20% of net income. However, there are some limitations and restrictions. What qualifies as a business deduction and who may take it?
What are the rules for deducting business expenses for your business? To be deductible, a business expense must be both ordinary and necessary for your trade or business.
Would you like to reward your employees with a year-end bonus and deduct the bonuses on your company’s 2023 tax returns?
Depreciation is an annual tax deduction that allows small businesses to recover costs of certain property that decreases in value over its lifetime. It is an allowance for wear and tear, deterioration, or obsolescence of the property.
Recent guidance from the IRS highlights the nature of advertising costs. The tax law allows businesses to deduct expenses that help them bring in new customers and keep existing ones. What expenses can a business deduct?
The IRS issued additional guidance under the Taxpayer Certainty and Disaster Relief Act of 2020 allowing businesses a 100% deduction for food or beverages from restaurants. Earlier in 2021, legislation increased the 50% deduction to 100%.