by Admin | Jul 26, 2021 | Business Taxes, Entrepreneurial, Individual Taxes
A taxpayer who is in the business of providing family day care in their home may deduct the ordinary and necessary expenses of their business. The two primary deductions include the business use of their home and the cost of providing meals and snacks to children in...
by Admin | Jul 23, 2021 | Business Taxes, Entrepreneurial
If you are considering starting a business, the simplest and least expensive form of business is a sole proprietorship. A sole proprietorship is a one-person business that reports its income directly on the individual’s personal tax return (Form 1040) using a Schedule...
by Admin | Jul 7, 2021 | Business Taxes, Entrepreneurial
Congress has provided businesses with a temporary tax break as a means of helping the restaurant industry, which has been devastated by the COVID pandemic. Although the Tax Cuts and Jobs Act eliminated the business deduction for entertainment, it continued to allow a...
by Admin | Jun 2, 2021 | Business Taxes, Entrepreneurial
With the ever-increasing complexity of our tax system, it is commonplace for many small businesses to make mistakes with bookkeeping and filing. One way to avoid making errors is to be aware of the most commonly encountered pitfalls. Here are some tips to help keep...
by Admin | Apr 26, 2021 | Business Taxes, Individual Taxes
May 10 – Report Tips to Employer – IndividualIf you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later than May 1110. Your employer is required to...
by Admin | Apr 15, 2021 | Business Taxes, Entrepreneurial
Unfortunately, as a result of the COVID pandemic many small firms have gone out of business. Fortunately, with the help of vaccines, new businesses will be opening as the economy returns to near normal. New business owners, especially those operating small...
