NOTE: I wrote this post in 2014, so be aware of its age. It’s still useful information. —– The end of one year and the beginning of a new year is a good time to analyze your financials. It’s also a good time to analyze your operations. Here’s an example: one time a business client […]
NOTE: I write this post in 2014, so be aware of its age. The content is still useful. —– In an ideal world, small business owners would review financials statements and budgets on an ongoing basis. In the real world, the day-to-day struggle of running a business, paying bills and keeping customers happy causes the […]
Can you “incorporate your life” and save taxes? No, that’s not exactly how it works.
Home Office Deduction: IRS Offers a Simplified Calculation Option, But the Qualifying Rules Haven’t Changed
A new wrinkle has been added to the calculation of the home-office deduction, but the rules to qualify for the deduction have not changed.
Note: I wrote this post in 2012, so be aware of its age. However, the content in this post is still accurate and applicable all these years later. —– Kay Bell at the Don’t Mess with Taxes blog reminds us that there can be an unexpected, negative tax consequence to taking the home office deduction […]
Passive activity rules can make seemingly deductible business losses nondeductible.
Determining what types of records should be kept for tax purposes can be confusing. Here is what the IRS says: In most cases, the IRS does not require you to keep records in any special manner. Generally speaking, however, you should keep any and all documents that may have an impact on your federal tax […]
The IRS has posted a video webinar for direct sellers to help determine if the seller meets the 9 tests under the Treasury Regulations for being in a trade or business. If you are wondering if you are a direct seller, here is what the IRS has to say: Direct sellers include any of the […]