November 2021 - FREE Yourself from IRS Problems

Shamsey Oloko November 16, 2021 Audit, Bank Accounts, Business Expenses, Deductions, Income, Income Tax, Income Tax Return, Internal Revenue Service

Feds Scale Back Bank Account Reporting Proposal

In April 2021, President Biden’s American Families Plan contained a proposal under which banks would report deposits and withdrawals for all business and personal accounts to the IRS except for accounts below a threshold of $600 or a fair market…

Shamsey Oloko November 9, 2021 Business Expense, Business Expenses, Business Tax Credits, Capital Gains, Capital Losses, Corporate Tax, Deductions, Expenses Deductions, Gains & Losses, Income, Income Exclusions, Income Tax, Income Tax Return, Ordinary and Necessary Expenses, Profits & Losses, Taxable Gain, Taxable Income, Uncategorized

How you can deduct business startup costs from your income taxes

How you can deduct business startup costs from your income taxes When starting a business, owners should treat all eligible costs incurred before beginning to operate the business as capital expenditures that are part of their basis in the business.…