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 is deductible as a business expense provided you meet the following […]

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, for everything you want to deduct, you should keep the […]

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 […]

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. […]

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 […]