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Standard Mileage vs. Actual Expenses: Getting the Biggest Tax Deduction
The IRS offers two ways of calculating the cost of using your vehicle in your business: 1. The Actual Expenses method or 2. Standard Mileage method. Each method has its advantages and disadvantages, and they often produce vastly different results. Each year, you’ll want to calculate your expenses both ways and then choose the method that yields the larger deduction and greater tax benefit to you. Read more…

Maximizing Tax Deductions for the Business Use of Your Car
The business use of your car can be one of the largest tax deduction you can take to reduce your business income. This is a big, big deal. Why two “bigs”? Because your business income is used to calculate two taxes: your personal income tax and your self-employment tax (the amount you pay into Social Security and Medicare as the “owner” of your rideshare business). Maximizing your deduction for the business use of your car will help you minimize these taxes. Read more…

What Is the IRS Form 4562?
If you've purchased property to use in your business, you can deduct a portion of your costs by claiming a depreciation deduction and reporting it on IRS Form 4562. Read more…

Filing a Business Tax Extension
Do you need more time to file your 2021 business tax return? Here's what to do. Read more…

Video: Guide to Payroll Taxes
As an entrepreneur, you probably realize that there are some business expenses you just can't control—like the payroll taxes you have to pay for yourself and each person you employ. Watch this video to find out more about payroll taxes and how they may affect your business. Read more…

More Small Business Taxes Articles

Business Use of Vehicles Starting a Business What is Form 8995-A? What is Form 8995? What is Excise Tax? How to Get a Small Business Loan and Navigate the Tax Implications 2020 Stimulus: Does My Small Business Qualify for an Economic Injury Disaster Loan (EIDL)? The Payroll Tax Credit and Other Stimulus Programs for COVID-19 Starting a New Startup Business Business Tax Preparation Taking Business Tax Deductions Reporting Self-Employment Business Income and Deductions Small Business Break: Get a Refund of Taxes Paid in Previous Years Depreciation of Business Assets When and How to Incorporate Can Cellphone Expenses Be Tax Deductible with a Business? Is Interest on Credit Cards Tax Deductible? S-Corp Federal Tax Filing Dates Do Chapter Sub S Corps File Personal Tax Returns? Driving Down Taxes: Auto-Related Tax Deductions What is a Schedule K-1 Tax Form? Estimated Taxes: How to Determine What to Pay and When Summary of Business Tax Law Changes 2010-2017 Setting Up a Home Office Video: Can I Deduct the Cost of a New Computer on My Taxes? Closing a Business Managing Assets Video: IRS Rules for Reasonable Business Expenses Limited Liability Company Taxes Estimated Taxes: Common Questions The Home Office Deduction How to File Federal Income Taxes for Small Businesses Are 501C3 Stock Investment Profits Tax-Exempt? Video: Tax Tips for Small Businesses Can I Convert My LLC to an S-Corp When Filing My Tax Return? Can I Write Off Credit Card Interest on My Taxes? Video: What is Schedule C-EZ: Profit or Loss from a Business? How an S-Corp Can Reduce Your Self-Employment Taxes Tax Tips for Sole Proprietors Affordable Care Act (Obamacare) Survival Guide For ALEs Penalties for Missing the 1099-NEC or 1099-MISC Deadline What is IRS Form 8829: Expenses for Business Use of Your Home What is Form 8881: Tax Credit for Small Employer Pension Plan Startup Costs Little-Known Tax Tips for Small-Business Owners New Small Business Legislation Benefits Both Businesses and Individuals Who Pays the Transient Occupancy Tax? LLC Tax Filing Rules When the IRS Classifies Your Business as a Hobby The 2021 Tax Deadline Extension: Everything You Need to Know What is the Paycheck Protection Program (PPP) Loan? How to Pay Employer Federal Taxes A Guide to Paying Quarterly Taxes How the PATH Act Benefits Small Business Owners Mobile Phones, Internet and Other Easy Tax Deductions Tax Advantages to Incorporating What Is the IRS Form 941? How Do You Get a Business Tax ID Number? What Online Business Owners Should Know about IRS Form 1099-K What is Schedule F: Profit or Loss from Farming What is Form 8919: Uncollected Social Security and Medicare Tax on Wages What Is Schedule J: Income Averaging for Farmers and Fishermen Startup Business Tax Tips How Does IRS Form 1095-B Affect Small Businesses? Does Your Company Need to File Form 1095-B? What Is Form 8941: Credit for Small Employer Health Insurance Premiums What is Form 4136: Credit for Federal Tax Paid on Fuels What Is IRS Form 720? A Self-Employment Tax Guide for Therapists A Mechanic's Guide to Tax Deductions What is Form 8903: Domestic Production Activities Deduction

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