The rise of remote work has created a wave of entrepreneurs and small business owners carving out home office spaces. While the comforts of home bring undeniable benefits, did you know your home office can also offer significant tax advantages? Eligibility Criteria: Not for Everyone First and foremost, the Home Office Deduction is not a …
Decode Ultimate Savings: Your Guide to Mastering Home Office Deductions Read More »
When you’re navigating the world of small business, there are many challenges to overcome and many rules to follow. The labyrinth of tax regulations can seem particularly daunting, but there’s one thing that’s crystal clear: tax evasion is a dangerous path that should never be taken. What is Tax Evasion? Tax evasion refers to the …
The Serious Implications of Tax Evasion for Small Businesses Read More »
Taxes, while a necessary part of a profitable business, can sometimes provoke hasty financial decisions. The imminent prospect of handing over hard-earned profits to the IRS may spur a temptation to splurge now rather than pay later. Such spending often comes under the guise of worthwhile investments like employee training or new equipment for the …
Pinching Pennies: Don’t Spend a Dollar to Save a Dime Read More »
How did you feel this year when you filed taxes? Stressed? Unprepared? As we dive into the halfway mark of the year, it’s the perfect time to reassess your financial situation and plan ahead for tax season. With June tax planning, you can take proactive steps to optimize your tax position, minimize liabilities, and maximize …
Get Ahead of the Tax Game: Top Tips for Mid-Year Read More »
If you use your personal vehicle for business purposes, you may be eligible to claim a mileage reimbursement on your tax return. The mileage rate is determined by the IRS and can vary from year to year. The standard mileage rate for 2022 is 58.5 cents per mile for business use, and the IRS has …
Don’t Miss Out on Tax Deductions for Business Miles Read More »
Do you own a business and have your kids help out when they’re not in school? If you file a Schedule C, you could be saving money by hiring your own children. If your business is a sole proprietorship, an LLC filing taxes as a sole proprietorship, or a partnership with the other parent of …
For the first time in 20 years(!), the allowable deduction for out-of-pocket classroom supplies has increased, from $250 to $300. If you are a grades K-12 counselor, teacher, aide, instructor, or principal in a public or private school for at least 900 hours during the school year, you are eligible to deduct up to $300 …
How Much Can Educators Deduct For Supplies For 2022? Read More »
Originally created to allow residents of Augusta, GA to rent their residences tax-free during the annual Masters Tournament, the Augusta Rule (IRS Section 280A) allows you to rent out your home for 14 days or less per year without having to report the revenue as income. A few caveats to qualify for this tax exemption: …
Can the Augusta Rule Help You Keep More of Your 2022 Income? Read More »
How do you determine if you’re eligible to claim a home office deduction? If you’re self-employed and use part of your home exclusively for business use, you may qualify for the IRS Home Office Tax Deduction for 2022. You must meet these requirements to qualify: There are two methods to choose from when calculating your …
Are You Qualified to Claim a Home Office Deduction? Read More »
Thinking about making donations to a charity or nonprofit before the end of the year? There are a few things to keep in mind in terms of eligible deductions and documentation you should have in the event of an audit.
