The 2% rule for itemized deductions is a concept that used to apply to certain types of miscellaneous expenses in excess of 2% of your adjusted gross income (AGI).
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Small Business Deductions
If you’re a small business owner, you’re likely aware of the home office deduction. But did you know there’s another tax break you can use that involves renting your home to your business? In today’s post, I’ll tell you how…
We just returned from a much-needed and well-deserved (if I do say so myself) company retreat. We had an amazing time! And the icing on the cake is that the trip is 100% tax-deductible. In today’s article, I’ll share with…
Taxes and health insurance are two areas of your business that you probably don’t want to spend much time thinking about. These topics are boring and confusing to most people. I get it. The good news is that I actually…
As an accountant who works with small business owners, I know how much tax liability can impact the lives of our clients. In fact, the question I hear the most is: “How can I pay less in taxes?” This is…
Let’s just be straight about it—we all want to save money on our taxes. Anything that allows hard-working creatives, small business owners, and generally awesome individuals to (legally) keep more of their hard-earned cash is a huge win. While most…
As a small business accountant, the question I probably get more than any other is, “Can I deduct this?” And it makes sense—small business owners work hard for their money, and want to save every penny they can from getting…
I LOVE paying taxes! Ok, I may have embellished this statement a little bit. But, the bottom line is – if you’re paying taxes, you’re making money! As a small business owner, I can’t say I’m the happiest about the…
If you use your car in your job or business and you use it ONLY for that purpose, you may deduct its entire cost of operation. However, if you use the car for both business and personal purposes, you may deduct only the cost of its business use.
You may be able to deduct work-related education expenses paid during the year as an itemized deduction. To qualify for a deduction, your expenses must be for education that maintains or improves your job skills or your employer or a law requires to keep your salary, status, or job.