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Small Business Taxes Tax Tips

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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…

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