Various expenses for the business use of your home can be claimed on Form 8829, including rent, mortgage interest, insurance, utilities, real estate taxes, home repairs, and more. Form 8829 has four parts that are used to calculate (1) the percentage of your home used for...
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One of those expenses is a meal allowance per diem rate for taxpayers. If you have to travel for work, your employee can reimburse you for the cost of meals or provide you with a lump sum per diem for your business trip. Here is everything you need to know about IRS meal allowances ...
taxes on any sales that were made to a resident of that state. Your physical presence is not required for this to take effect; business conducted over phone, Internet, or fax is treated the same. There are many cases where this happened. For example, a chicken restaurant was given a $...
IRS Considerations for Business Owners Each year, the IRS requires that you pay certain taxes as a business owner. Which types of taxes and which forms you’ll need to fill out will depend on your business type. For example, like we mentioned above, an LLC has a pass-through taxation cla...
but don’t forget to gather your receipts for deductible expenses like childcare expenses which can mean a credit up to $1,050 for one child and up to $2,100 for two or more kids, expenses for your home like property taxes and home mortgage interest, and expenses for college,” explains...
IRS Direct file is a limited-eligibility IRS tax prep pilot that launched in 2024 and is being expanded and made permanent for subsequent years. At its core, IRS Direct File has the goal of voluntarily allowing taxpayers tofiletheir taxes online, for free,directlywith the IRS. Direct File is...
Businesses should be extremely mindful when deducting business expenses; exaggerating expenses or attempting to deduct unallowable expenses (such as personal expenses) can result in serious penalties—plus interest on the amount of taxes you owe. In some serious cases, the IRS may even pursue crimina...
Even though the IRS does not check all tax refunds, it is a large agency with a wide reach that has a variety of means of catchingtax cheatsand liars. The penalties for avoiding or lying about taxes are severe. If you are unsure about how to complete your taxes, seek a professional ta...
Internal Revenue Service's new 2014-2015 per diem rates to be used by taxpayers starting October 1, 2014 for traveling business expenses such as lodging, meals and incidentals. Rates covered include the special transportation industry rate and the rate for the incidental expenses only deduction. ...