Maybe you cater for your friends, maybe you make jewelry, maybe you sell your artwork, maybe you have a lemonade stand—regardless of what you do, do you know how the IRS views this? Here are some tips on how to tell if your activity is a business or a hobby and the tax implications of […] The post Business or Hobby, What is the Difference? appeared first on SmallBizClub.
Posts published in “Deductions”
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If you work from home, you may be wondering whether you can deduct your office space from your federal tax returns. The short answer is: Yes, absolutely! But the IRS has very specific guidelines for what is and isn’t deductible with respect to home offices. Here are some tax issues to consider if you work […] The post What to Consider If You Work from a Home Office appeared first on SmallBizClub.
At this time of year, a summer vacation is on many people’s minds. If you travel for business, combining a business trip with a vacation to offset some of the cost with a tax deduction can sound appealing. But tread carefully, or you might not be eligible for the deduction you’re expecting. General Rules Business […] The post Can You Deduct Business Travel When It’s Combined with Vacation? appeared first on SmallBizClub.
A lot of us fancy having our own business. The idea of being your own boss is quite a strong motivating factor. But there is no denying the fact that you have to take care of most of the factors in self-employment. Here are the top 10 tax related question for self-employed individuals along with […] The post The Top 10 Self-Employed Tax Questions and Answers appeared first on SmallBizClub.
Let’s face it: business tax returns can be tricky. Whether you file a corporate return or you report pass-through business income on your personal return, you need to stay on top of a host of federal, state and local tax deadlines and statutes, all of which can change from year to year. With a little […] The post 3 Ways to Maximize Your Return appeared first on SmallBizClub.
Along with tax rate reductions and a new deduction for pass-through qualified business income, the new tax law brings the reduction or elimination of tax deductions for certain business expenses. Two expense areas where the Tax Cuts and Jobs Act (TCJA) changes the rules — and not to businesses’ benefit — are meals/entertainment and transportation. […] The post Meals, Entertainment, and Transportation May Cost Businesses More Under the TCJA appeared first on SmallBizClub.
Tax season is drawing near, which means headaches and stress for small business owners looking to save every penny they can. Combine the normal stress with new headaches surrounding the tax bill recently passed by Congress, and small business owners, especially new ones, can easily find themselves unprepared. Fortunately, there are plenty of ways for […] The post If You Own a Small Business, Don’t Miss These 5 Key Tax Tips appeared first on SmallBizClub. Powered by WPeMatico