Cellphones have become just as vital to business as a land line, which makes cellphone use a legitimate, deductible business expense. But for most of us, cellphones are also inextricably linked to our personal lives, so it's a deduction that the IRS care
The minute you get the “Hey honey… we need milk and eggs” text message to your cell phone, it drops from 100% business use to a mixed use device. If you attempt to deduct 100% of your cell phone bill as a small business tax deduction, the IRS will claim 0% and then force ...
6. Business use of car You can deduct the associated costs if you use your vehicle for business purposes. This means you’ll need to keep track of your mileage outside if your car is used for both business and personal use. For 2025, the standard mileage rate for operating a business v...
You can deduct the cost of your business insurance on your tax return. If you have a home office or use a portion of your home to run your business, you can deduct your renter’s insurance costs as part of your home office write-offs. 5. Home Office Expenses Under new simplifiedIRS g...
Notice the use of the word "occasional" in the list of de minimis benefits. A benefit is almost never de minimis if it's provided routinely. De Minimis Benefits and Cell Phones The IRS considers employer-provided cell phones de minimis if they're not part of the company's compensation ...
Require employees to use public transportation and shuttle services instead of expensive taxis whenever possible. Business Travel Tax Deductions Considerations • The IRS standard for a tax-deductible business travel expense is “ordinary and necessary expenses that benefit or advance your business.”13...
Employer identification number.You may also need to provide corresponding documents from the IRS. Sole proprietors and single-member LLCs may be able to use their Social Security number instead. Business name and trade nameor “doing business as” name, if you have one.No official business name...
There several step by step criteria that the IRS and Tax Courts will use to determine if you have a genuine profit motive, or if you are just playing around with your business. There is no hard and fast rule such as the ubiquitous three years of consecutive losses rule. Recently the Tax...
Citigroup reported the "near miss" to the Federal Reserve and the Office of the Comptroller of the Currency, according to the Financial Times. Feb 28 Tax refunds in 2025 are about $1,000 less than in 2024. Here's why. IRS data shows that the average refund check so far is about $2...
Proof of Business Identity This document confirms your business entity's Employer Identification Number (EIN) or Tax Identification Number (TIN). The business name on this document must match the full business name with PayPal. We accept copies of the following documents: Copy of IRS Letter ...