Keeping track of receipts for tax-deductible expenses can be a hassle.  File cabinets stacked with invoices and wallets filled with paper receipts take up time and space and can become downright annoying. One solution to this problem is to convert paper receipts and other tax-related documents into digital files.  That’s correct, the IRS does not […]

For generations, people have had part-time businesses, and in today’s so-called gig economy, it’s even more common. But is your part-time business really a business, or is it a hobby? The IRS draws a firm line between the two and has separate rules for the tax treatment of hobbies and businesses. If it’s a legitimate business, […]

As the gig economy grows and remote work become a bigger part of the US economy, more people are working from a home office. Deducting expenses for a home office can save you on taxes, but there are guidelines on what qualifies. Here’s What You Can Deduct on a Home Office: Who Qualifies for a Home Office Deduction? The […]

Most of us have heard stories about innocent people receiving scam calls from someone posing as an IRS agent threatening immediate legal action and arrest if they don’t immediately make a payment. Perhaps even you have received one of these calls. Here’s what you need to know about how the IRS gets in touch with […]

If you’re newly self-employed, figuring out what you can deduct from your taxes can be confusing. The good news is that you can deduct the same kinds of expenses as the big companies, which are described in IRS Code Section 162 as “ordinary” and “necessary” expenses. “Ordinary” expenses include the types of expenses that similar businesses have. […]

No one likes to pay more in taxes than they have to. The desire to minimize taxes makes S-corporations a great choice for many small businesses. Like all pass-through entities, net income of an S-corp is passed through to the owners to be taxed on their personal tax returns. But unlike sole proprietorships and the […]

Offering a 401K plan can be a great benefit for both the owner of a business and its employees.  But a 401K requires time, money and some human resource acumen to set up and maintain.  In addition, offering a 401K plan is a serious commitment that requires the employer, as the plan sponsor, to follow […]

In today’s always-on world, it’s often hard to tell where your work ends and your personal life begins. With that blurring of lines, it can be difficult to determine when you’re driving your car for business and when it’s personal use. Using your car for business — whether it’s your own business or as an […]

For small business owners, your business is likely your most valuable asset. But unlike an investment portfolio, you can’t determine its value by just looking up a few numbers online. Most of the time this uncertainty is just fine, as long as your business is producing enough income to meet all your needs. But what […]