Deducting Business Expenses
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.
Tag: Tax deductions
2022 Charitable Donations
If you expect to itemize deductions in 2022, you may benefit from contributions to qualified charitable organizations. As long as you make a donation in 2022, it is deductible on your 2022 return, including charging the donation to a credit card on December 31.
Difference Between Credits and Deductions
Many people believe tax deductions and credits are the same. Tax deductions reduce your taxable income, but tax credits reduce your tax bill dollar for dollar. Knowing how they work can help you understand your tax situation.
Can a Business Deduct Advertising and Marketing Expenses?
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?
Taxpayer Reminder Limited-Time Donation Rules
Special rules allow limited charitable deductions even for taxpayers who do not itemize. Also, there are other donation changes for individuals and businesses. Learn how to take advantage of these opportunities now.