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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…

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…

The 2021 Tax Deadline Extension: Everything You Need to Know
In response to the Coronavirus (COVID-19) pandemic, the Treasury and IRS issued new guidance that calls for a tax deadline extension, moving the customary April 15 deadline to May 17, 2021. Read more to learn about the relevant details and how they impact your situation. Read more…

Video: Can I Deduct the Cost of a New Computer on My Taxes?
Can I deduct the cost of a new computer on my taxes? Maybe, if you are using it more than 50% of the time for business purposes. Read more…

What is Schedule F: Profit or Loss from Farming
If you earn a living as a self-employed farmer, you may need to include a Schedule F attachment with your tax return to report your profit or loss for the year. The Internal Revenue Service defines “farmer” in a very broad sense—whether you grow crops, raise livestock, breed fish or operate a ranch. Read more…


More Small Business Taxes Articles

What Is Form 8941: Credit for Small Employer Health Insurance Premiums Is Interest on Credit Cards Tax Deductible? What is Form 8919: Uncollected Social Security and Medicare Tax on Wages Little-Known Tax Tips for Small-Business Owners Mobile Phones, Internet and Other Easy Tax Deductions What Is IRS Form 720? What is a Schedule K-1 Tax Form? Can I Write Off Credit Card Interest on My Taxes? What Is Schedule J: Income Averaging for Farmers and Fishermen Filing a Business Tax Extension How Does IRS Form 1095-B Affect Small Businesses? What is IRS Form 8829: Expenses for Business Use of Your Home Who Pays the Transient Occupancy Tax? Affordable Care Act (Obamacare) Survival Guide For ALEs Does Your Company Need to File Form 1095-B? What is Form 4136: Credit for Federal Tax Paid on Fuels How an S-Corp Can Reduce Your Self-Employment Taxes New Small Business Legislation Benefits Both Businesses and Individuals Business Use of Vehicles Video: IRS Rules for Reasonable Business Expenses Startup Business Tax Tips Are 501C3 Stock Investment Profits Tax-Exempt? Can Cellphone Expenses Be Tax Deductible with a Business? What Is the IRS Form 4562? How Do You Get a Business Tax ID Number? Limited Liability Company Taxes Video: Tax Tips for Small Businesses Video: Guide to Payroll Taxes Business Tax Preparation Depreciation of Business Assets Tax Advantages to Incorporating LLC Tax Filing Rules Managing Assets Video: What is Schedule C-EZ: Profit or Loss from a Business? Tax Tips for Sole Proprietors What is Form 8881: Tax Credit for Small Employer Pension Plan Startup Costs A Guide to Paying Quarterly Taxes S-Corp Federal Tax Filing Dates 2020 Stimulus: Does My Small Business Qualify for an Economic Injury Disaster Loan (EIDL)? How to Pay Employer Federal Taxes Small Business Break: Get a Refund of Taxes Paid in Previous Years Summary of Business Tax Law Changes 2010-2017 What is Form 8903: Domestic Production Activities Deduction The Payroll Tax Credit and Other Stimulus Programs for COVID-19 How the PATH Act Benefits Small Business Owners Starting a New Startup Business Do Chapter Sub S Corps File Personal Tax Returns? What Is the IRS Form 941? What is the Paycheck Protection Program (PPP) Loan? The Home Office Deduction Reporting Self-Employment Business Income and Deductions Starting a Business Driving Down Taxes: Auto-Related Tax Deductions Estimated Taxes: Common Questions What Online Business Owners Should Know about IRS Form 1099-K Can I Convert My LLC to an S-Corp When Filing My Tax Return? When and How to Incorporate Taking Business Tax Deductions When the IRS Classifies Your Business as a Hobby Closing a Business How to File Federal Income Taxes for Small Businesses Estimated Taxes: How to Determine What to Pay and When Penalties for Missing the 1099-NEC or 1099-MISC Deadline

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