No matter which way you plan to deduct your business expenses related to your vehicle, the fact is that you need records to help you. First, keep a log of when you use the vehicle for business especially if it is not used solely for business. Keep a notebook in your glove box to help [...]
Taxes
As much as the government enjoys the creation of new businesses, it just as much scrutinizes them because according to the IRS they are the most likely to cheat on their taxes. The government watches this carefully. There are two things that you need to keep in mind to avoid the problems that many self [...]
As a small business owner, it is your responsibility to report any and all business income to the government accurately. They want full information. In most cases, accurately reporting your income and tax situation will provide you with an in the clear type of situation. Yet, you may want to know what they are specifically [...]
There are many tax deductions for landlords. One of the largest that you may qualify for is interest deductions. Because you are operating your own business by purchasing and renting property, you are able to claim deductions on that property. The largest of these deductions, for most property owners is the interest on their mortgages. [...]
One of the most frequently missed deductions for business owners is auto expenses. If you use a vehicle wholly or in part for your business needs, it is your right to get a business deduction from that vehicle. This includes getting a deduction for anything that goes into keeping your vehicle running such as gas, [...]
Did you know that some of the expenses of getting your business started qualify as a business deduction? Most new businesses incur many costs from the start. These include things like advertising, office supplies, repairs and utilities. These are considered capital expenses. The first year that you get started you can claim up to a [...]
There are many items in business when you are left with providing a product or service and the buyer does not pay. Unfortunately, this is not always something that you can deduct off your taxes. The tax laws allow for some bad debt expenses to be written off, but it is specific to the type [...]
Many small businesses require auto usage which means that you may be able to claim at least some of the mileage costs on your businesss taxes. The question is, though, when does your mileage start being counted? If you own a small business and run it from your home, then your mileage starts from the [...]
