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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…

Business Use of Vehicles
If you use vehicles in your small business, how and when you deduct for the business use of those vehicles can have significant tax implications. It pays to learn the nuances of mileage deductions, buying versus leasing and depreciation of vehicles. Special rules for business vehicles can deliver healthy tax savings. Read more…

Video: What is Schedule C-EZ: Profit or Loss from a Business?
When you earn income from self-employment, preparing your tax return can be more complicated than when you earn income from an employer. Schedule C-EZ can make the filing process much simpler. Watch this video to learn more. Read more…

Penalties for Not Filing a 1099-Misc IRS Form
One of the most common reasons for receiving a 1099-MISC is performing work as an independent contractor. Read more…

More Small Business Taxes Articles

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