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® | Oct 4, 2019 | IRS, Tax Advice, Tax Deductions
When an investor sells a stock or mutual fund that produces a loss, this capital loss reduces taxable income by first offsetting any capital gains, and then by reducing taxable income up to $3,000. Net capital losses in excess of $3,000 generate what is called a...
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 | 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”...
