by Todd Schanel, CFA, CPA, CFP® | Dec 2, 2019 | IRS, Self-Employed, Tax Advice, Tax Deductions
Interest on personal loans and credit cards is generally not a deductible expense. But one important exception to this general rule is when you use a personal credit card or take out a personal loan to pay for business-related expenses. In this situation, the interest...
by Todd Schanel, CFA, CPA, CFP® | Apr 23, 2019 | IRS, Self-Employed, Tax Advice, Tax Deductions
In the event of an IRS audit, you need to provide documentation for your deductible expenses. Some people keep the receipts, while others keep credit card statements. So what exactly do you need to keep? Keep the receipt and the credit card statement In general,...
by Glenn Schanel, CPA | Sep 27, 2018 | Self-Employed, Small Business, Tax Advice
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...
by Glenn Schanel, CPA | Sep 5, 2018 | Self-Employed, Tax Advice, Tax Cuts and Job Act
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...
by Glenn Schanel, CPA | Apr 23, 2018 | Self-Employed, Tax Advice, Tax Deductions
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”...
by Glenn Schanel, CPA | Jul 14, 2017 | Self-Employed, Tax Advice
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 —...
