If you invoice your clients for expenses you’ve incurred, just snap a photo of the receipt and record the billable expense in your books. Then add the billable expense to the invoice and attach the receipt. Confident at tax time QuickBooks pulls info like date, vendor, amount, and payment...
If you accept credit card payments online, you may have to report payments that you receive from credit card or third-party processors on your 1099-K forms.
One of the many benefits of working at home is that you can deduct legitimate expenses from your taxes. The downside is that since home office tax deductions are so easily abused, the Internal Revenue Service (IRS) tends to scrutinize them more closely t
It's just as important to know what your non-deductible business expenses are. A common mistake many self-employed sole proprietors make is to claim expenses that are not deductible. If the CRA auditor comes calling, they can reassess your tax return andpenalize you forfailing to report incom...
Some business tax deductions are fairly uncomplicated. For example, it’s quite clear that you should be allowed to deduct the amount that you spend on workers’ wages. Similarly, interest paid on loans and the rent that you pay for your office are legitimate business expenses. The IRS can’...
Learn from these small business owners who say doing what you love, putting people before profit and always doing a great job are ways to sustain and grow.
For business owners, a savings account can act as your company'semergency fund, should you have a bad month or face an unexpected expense. Having some savings is also crucial whenever there is an economic downturn or unpredictability, and can be drawn upon when needed. ...
As a professional counselor, you can deduct expenses that are "ordinary and necessary" in your line of work. The IRS defines ordinary expenses as ones that are standard and accepted in counseling. Necessary expenses help you do your job, even if you can
This amazing app manages your team travel and expenses in one place, keeping your budget under control. Avoid all the mess of keeping receipts and save time by…
22. Business travel and vehicle expenses As an entrepreneur, you’re probably mobile. If you use your vehicle to transport packages (to the post office, for instance), meet with clients, or carry out any other business operations, you have a range of business expenses you can choose to cla...