There are a number of business expenses that may qualify as tax-deductible expenses. The most common categories of expenses are: Business expenses Home office expenses Travel expenses Professional development expenses Health insurance premiums Retirement plan contributions 1. Business expenses It’s normal...
Under new simplifiedIRS guidelinesfor home office expenses, home-based small businesses and freelancers can deduct five dollars per square foot of your home that’s used for business purposes, up to a maximum of 300 square feet. To qualify as a tax deduction, your work area has to be used ...
All of these deductions can be applied to your Schedule C form, whether you’re self-employed as a freelancer or you’re running a small business. 1. Car expenses Do you use your car for work? If you do, you’re allowed to deduct a specific amount when you compute your taxable ...
Time for Tax Tasks 🎆 Happy 🎉 New 🥂 Year! 🎆 Hello 2025! Last year was challenging, and I’m sure you’ll find plenty of new ways to test us over the next 12 months, but we’re ready for it. We hope! via GIPHY At least we know it will be exciting on the tax front...
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...
Learn about the tax write-offs and small business tax deductions you may be missing and get ideas for how to use them.
Discover what makes QuickBooks Online the #1 accounting software for small businesses.2 More tax deductions, more money in your pocket Uncover tax deductions you didn’t know about before — automatically. QuickBooks matches receipt photos to transactions and sorts them into tax categories automatically...
Understanding Mileage DeductionsTax Deductions for Your Home BusinessTax-Deductible Startup Expenses Tax Basics Need help getting started? Here are the basics you need to know as a small business owner. View All Articles Most Popular Topics
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...
What Can You Write Off as a Business Expense? As you can imagine, the answer could fill a shelf of books. In short, the IRS defines deductible business expenses as "ordinary and necessary" costs of doing business. It splits these into a couple of broad categories, including the cost of...