These 10 deductions for self employed are commonly missed. Make sure you're claiming all your qualified deductions. Whatever deductions you take, remember to always keep fastidious and contemporaneous records. Some of the deductions below require a higher burden of proof then just a receipt. 1. Auto Deduction If you use your personal vehicle in the … Continue reading 10 Deductions for Self-Employed
Category: Business Travel
mileage deduction explained
Deducting car-related expenses from your taxes can be simple, easy, and depending on how much you use your car for business, result in quite a large deduction. In order to benefit from this deduction, you'll have to keep good and accurate records on all business mileage and (optionally) all car-related expenses. Who Can Claim the … Continue reading mileage deduction explained
Expensing Business Meals
Business meals are a business write off. Sounds simple - can we go home now? Not quite. This is a popular tax write-off among businesses of all types and sizes. There are two situations in which the IRS gives the green light to expense a meal; if the meal is for conducting business or if … Continue reading Expensing Business Meals