As the end of the year approaches, it’s time for small business owners to put tax planning on their radar. You have until December 31 to make some strategic moves that can help you take advantage of more tax breaks, maximize your tax deductions, and minimize the amount you’ll owe in taxes when filing time…
The summer months are a popular time to buy or sell a house. New homeowners should put reviewing the tax deductions, programs and housing allowances they may be eligible for on their move in to-do list. Deductible house-related expenses Most home buyers take out a mortgage loan to buy their home and then make monthly…
Many people move during the summer. Taxpayers who are selling their home may qualify to exclude all or part of any gain from the sale from their income when filing their tax return. When selling a home, homeowners should think about: Ownership and use To claim the exclusion, the taxpayer must meet ownership and use tests. During…
SCORE Small Business Workshops In addition to free face-to-face counseling, SCORE can recommend low-cost workshops and seminars for both start-up and in-business entrepreneurs. Workshops are at other area SCORE offices as well as other resource partners. Training topics range from writing a business plan to e-commerce to marketing, depending on the current needs of our…
Businesses and tax-exempt organizations that buy a qualified commercial clean vehicle may qualify for a clean vehicle tax credit of up to $40,000 under Internal Revenue Code (IRC) 45W. The credit equals the lesser of: 15% of your basis in the vehicle (30% if the vehicle is not powered by gas or diesel) The incremental…
Many people travel for their job — some for an occasional conference and some travel year-round. Whatever their time on the road, business travelers should know how and when to deduct business travel expenses. What to know about tax deductions for business travel Business travel deductions are available for certain people who travel away from…
In recent years, the gig economy has changed how people do business and provide services. Taxpayers must report their gig economy earnings on a tax return – whether they earned that money through a part-time, temporary or side gig. The IRS Gig Economy Tax Center provides information and resources to help this group of entrepreneurs…
Tax credits are the hidden treasures of the tax world. They automatically reduce the amount of tax you owe, resulting in a dollar-for-dollar reduction in your tax liability. For instance, a $2,000 tax credit lowers your overall tax liability by $2,000, as opposed to tax deductions, which reduce the portion of your income that is…
