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Business deductions and tax breaks
• 22.04.24
As a professional traveling for business, understanding the nuances of business travel tax deductions can significantly impact your financial planning and tax obligations.
This guide will delve into what constitutes a deductible business expense, how to distinguish between personal and business travel, special considerations for domestic and...
• 16.04.24
The transportation sector is the US's largest source of greenhouse gas emissions. Transforming your small business operations into more eco-friendly practices is crucial to decreasing the nation's carbon emissions and reducing your business tax bill!
Starting January 1, 2023, businesses and organizations can purchase new EVs and FCEVs and...
• 29.03.24
In the evolving landscape of modern work, the home office has evolved from a convenience to a necessity for many small business owners and freelancers.
With this shift, understanding the nuances of tax deductions related to home office use has become paramount. The home office deduction stands out as a significant opportunity to reduce...
• 29.03.24
The State of California introduced the California Assembly Bill (CA AB150) in response to the federal Tax Cuts and Jobs Act (TCJA) of 2017. California Assembly Bill (2021) helps reduce the effect of the $10,000 limit on state and local tax deductions for certain businesses.
This article overviews AB150 California and how it can help small...
• 28.03.24
In the world of tax filing and refunds, Form 8849, "Claim for Refund of Excise Taxes," occupies a unique place. This form enables taxpayers to request a refund for certain overpaid excise taxes – a crucial financial relief for many.
Excise taxes, while often less visible than income or sales taxes, are levied on specific goods, activities, or...
• 27.03.24
In recent years, the landscape of the traditional workplace has dramatically shifted, with remote work becoming an increasingly prevalent part of professional life.
This change has been accelerated by technological advancements and, more recently, by global events such as the COVID-19 pandemic.
As a result, the home office has transformed...
• 27.03.24
The baseline rule is not to claim a tax deduction for investment expenses and fees – generally, investment expenses are not tax deductible. Such expenses include managing your stock or bond portfolios and broker or custodial fees.
One exception from this rule is the investment interest expense deduction. You can get a tax break if you borrow...
• 26.03.24
"A well-informed approach to tax deductions can significantly alleviate the fiscal burden on small businesses, allowing for greater financial flexibility and growth potential" - seasoned CPA
Tax deductions, when utilized effectively, can reduce taxable income and thus lower the overall tax liability, providing a much-needed reprieve to...
• 22.03.24
Form 8829, Expenses for Business Use of Your Home, performs as a critical asset for those seeking to optimize their tax deductions.
This form not only facilitates the process of claiming deductions for home office expenses but also underscores the importance of adhering to IRS guidelines to maximize these deductions legitimately.
The...
