Posts Tagged ‘deductions’
Tax season guide to small business expense deductions
BUSINESSADVERTISER DISCLOSURE From the kind of expenses you can – and can’t – deduct to the right rewards card to use to pay for deductible expenses, here’s everything you should know. by Rebecca Lake March 9, 2020 see original article at Creditcards.com Summary Claiming deductions can save your business money on your tax return, but you…
Read MoreBusiness Deduction or Entertainment?
Does the Tax Cuts and Jobs Act (TCJA) help you save money on your business deductions? Many businesses were frustrated by changes in allowed dining and entertainment deductions. Did you know there are proposed regulations addressing that elimination of deductions for entertainment, amusement or recreation activities related expenditures? New guidance will be offered to determine whether…
Read MoreDo You Know the Difference Between an Itemized Deduction and a Standard Deduction?
Do you know the difference between an itemized deduction and a standard deduction? Deductions reduce the amount of taxes you owe when filing a federal tax return. That said, there are two types of deductions: The standard deduction, based on an IRS schedule, or the itemized deduction. Knowing which type of deduction is best for…
Read MoreCheck Before Cheque
This time of the year is big for charitable contributions. PersonalTaxPrep.com just wants to remind you check before cheque. Before you contribute to that charity hoping for charitable contribution by the end of 2019, check the IRS’ list of tax exempt organizations. IF you just want to give, fine, but if you were hoping for…
Read MoreSmall Business Owner: Learn if You Can Claim this Deduction
In a gig economy, there is an important deduction for small business entrepreneurs: Your home office deduction. In general, if you work out of the home, you may use this deduction… When the following applies: As your main place of business. As a place of business where you meet patients, clients or customers in the…
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