Can I deduct my personal cell phone on my small business taxes? Yes, in fact this is a deduction that a lot of people forget to take on their small business taxes. To take this deduction, you’ll calculate the business…
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Small Business Deductions
A commonly forgotten deduction on small business taxes is the auto expense deduction. I think a big reason this one is left off of tax returns is that people forget to track their mileage throughout the year so they don’t…
The home office deduction used to really freak people out. There was a rumor that if you reported a home office on your taxes, it would be a red flag for the IRS to audit you. I have good news!…
Can I deduct Starbucks as a business expense? Answer: You cannot deduct your Starbucks, that is a personal expense. If you use your business bank account or credit card to purchase your drink, you’ll need to code it as a…
Can I deduct clothing that’s used by my clients in photoshoots? Answer: You cannot deduct the clothing that you (the photographer) wears, however if you buy or rent clothing for a special shoot, you can deduct those “props” as a…
Is the $25 tax deduction limit for gifts per person or couple? Answer: The $25 limit is per person, for the year. If you are giving gifts to clients (who are a couple), each person could qualify for the $25…
Any donations of your time, whether it’s to a 501(c)3 charitable organization or not, is not deductible as a business expense or personal tax deduction.
Let’s meet for coffee and talk about your taxes! Could I deduct the latte and scone I got? Absolutely, as long as our meeting passes one of these tests from the IRS. Test 1: Directly-Related Test -The main purpose of…
Beginning on Jan. 1, 2018, the standard mileage rates are 54.5 cents for every mile of business travel driven, 18 cents per mile driven for medical or moving purposes, and 14 cents per mile driven in service of charitable organizations.