The Top California Small Business Tax Deduction Categories California taxes can be onerous for business owners, topping out at 13.3%. This is on top of the current 37% federal tax rate for 2024 and 2025. With tax rates potentially past 50% on your last dollar earned, you would be crazy ...
The IRS outlines three categories of startup costs that are eligible for tax deductions when you open a business. Read more *Offer terms QuickBooks Live Expert Assisted Free 30-day Trial Offer Terms: Access an expert when you add the thirty (30) day trial of QuickBooks Live Expert Assist...
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Top 5 Tax Scams for Taxpayers Should Know There has been a surge in tax scams, in misleading ads circulating on social platforms, asserting that taxpayers can receive free funds Read More admin Nov 14, 2024 General Tax Updates for 2025 for Small Business Owners For the 2025 Tax Season,...
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When done correctly, tax deductions can greatly reduce taxable income, saving money for your business. In this guide, we’ll cover 25 essential small business deductions for the 2025 tax season, covering various expense categories such as meals, travel, office supplies, and more. Let’s take ...
The TCJA made progress on all three categories. I’m especially happy that we got the right combination –which is reduced use of loopholes and less money going to Washington. Now we need to take the next step, which means going after big remaining loopholes (such as the fringe benefits ex...
Supplies given relief It should be noted that, to relieve the burden of GST on certain categories of business and consumers, the Government provides GST relief on the supply of taxable supplies which would otherwise be subject to GST. In this instance, businesses which...
If you qualify for the home office deduction, you can deduct a portion of your household utilities—heat, water, and electricity. 4. Improvements and repairs Home office maintenance falls into two categories. Repairs, like fixing a broken window, can be fully deducted in the current year. Impr...
Every business, from the consultant working from home, to the smallest corner store, to the largest corporation, has business expenses and tracks them throughout the year for tax purposes. Business expenses are generally divided into two broad categories,capital expenditures and operational expenditures...