If you work within your home only part time, you may not believe that you can take the home office tax deduction. Yet, this may not be the case. This tax law allows for the expenses of your office to be considered a business expense. Under this law, a portion of your mortgage, your home [...]
You are upgrading the computer system in your business and to do so you need to invest in a variety of new computers. You will use them solely for your business and therefore they qualify as deductible expenses. But, do you deduct them all at one time or do you need to consider it capital [...]
The definition of a deduction in business tax scenarios is anything that is considered “ordinary, necessary and reasonable.” It must help you to earn your business income. It must also be “helpful and appropriate” for your business. When considering items for your business, then, consider whether they are helpful in drawing a profit for your [...]
The definition of an employee, according the IRS, is someone that you tell what you do, how to do it and monitor their work. If this is how you treat those that you hire, then they may be considered employees, not independent contractors. Independent contractors are actually running their own business and they should be [...]