Deductions Archives - Page 2 of 26 - FREE Yourself from IRS Problems

Shamsey Oloko August 25, 2022 Business Expenses, Deductions, Uncategorized 0

A Primer on Qualified Business Income (QBI)

It is a logical and desirable course of action for any business owner to put more than a little effort into minimizing their tax liability. However, business owners are often unaware of all the business tax deductions available under the…

Shamsey Oloko November 16, 2021 Audit, Bank Accounts, Business Expenses, Deductions, Income, Income Tax, Income Tax Return, Internal Revenue Service 0

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 0

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.…