By admin on June 23, 2011
If you operate your own home business, then you are probably aware that there a few drawbacks to being self-employed, just as there are a few drawbacks to any major decision you do in your life.
Being an entrepreneur and self employed often means that you lose some workplace benefits, such as group insurance, sick leave, [...]
Posted in General Information | Tagged business, deductions, home, tax, your
By admin on March 12, 2011
A big advantage of working from home is the tax benefits of operating a home based business. Working from home allows you to deduct portions of bills that you are already paying to live there.
You can deduct home expenses if you actually work in your home. It is easiest to do this if you [...]
Posted in General Information | Tagged based, business, deductions, home, tax, your
By admin on November 29, 2009
I own a business (LLC) with two other people. It is only us three; we do not have any additional employees. We pay for our health insurance through our business. Based on these facts, I was wondering how much I stand to save on my personal taxes. Is this a standard [...]
Posted in General Information | Tagged a, deductions, do, for, health, how, insurance, llc, managed, member, tax, work
By admin on September 28, 2009
Looking for an easy way to increase your business deductions? Look no further than your driveway.
First, the general rule: your vehicle is deductible to the extent you use it for business. So, if you drive your car 100% for business, all car-related expenses are deductible.
But if you use it less than 100% for business, do [...]
Posted in General Information | Tagged business, crazy, deductions, drive, how, irs, tax, the, to
By admin on September 27, 2009
No receipt, no deduction, right? Generally speaking, yes. The mantra of small business bookkeeping has been relentlessly burdensome for decades: no receipt, no deduction.
My own tax clients are quick to remind me of this basic recordkeeping rule. Over the years I’ve heard this countless times: But I don’t have any receipts. I [...]
Posted in General Information | Tagged business, deduct, deductions, expenses, how, keeping, receipts, tax, to, without