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IRS Form 1099-MISC: Rules and Exceptions

Jan 19, 2020

IRS requires business owners to issue Form 1099-MISC to people or business entities they pay during the year. This is the governments way to ensure that if you are taking a business...

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Business Partner and Pet: How Much to Deduct

Jan 08, 2020
Businesses such as a clinical private practice or a healing and wellness businesses may use animals in as part of the services they offer. If you are thinking using an animal in your...
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Business Home Office Deduction: Qualifying and Calculating

Dec 27, 2019

As a business owner you may wonder if you qualify for the IRS home office tax deduction. This post will explain what it is and how it is calculated based on IRS Publication 587:...

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Business Meals and Parties: Full vs. Partial Deductions

Dec 20, 2019

Meals you have with others for a legitimate business purpose are generally 50% deductible. The rationale is that although your meal is for a business purpose you still need to eat....

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Bonuses, Gifts & Fringe Benefits: Taxable and Deductible

Dec 20, 2019

You may want to provide your employees or others with special acknowledgment at certain times of year such as holidays, birthdays and anniversaries. The IRS assumes that if you...

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Employee or Independent Contractor: Factors and Decisions

Nov 16, 2019

It is important that businesses properly classify their workers. Businesses can be subject to back taxes, interest and penalties if they treat someone as an employee yet pay them as an...

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Owning Your Business: Ten Things to Love

Nov 11, 2019

Owning and operating a business can bring long hours, frustrations, stress and fear. And the obvious question of where to find affordable health insurance coverage. There are also some...

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Business Use of Your Car: Mileage and More

Nov 08, 2019

You know you can deduct costs related to using your personal vehicle for business and of course you want to take as much of a tax deduction as you can. What are the rules and how much can...

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Holidays, New Years and Taxes: Be Prepared

Nov 05, 2019

Are you gearing up for the holidays? Taxes is probably the last thing on your mind. But you can set yourself up for success doing a few tasks now rather than waiting until after the...

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Business Decision Paralysis: Don't Let Fear Win

Oct 28, 2019

If you are like most small service business owners, you started your business because you have a special skill or training and you wanted to work for yourself. Odds are that you did not...

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