Deducting Business-Related Car Expenses

Deducting Business-Related Car Expenses If you’re self-employed and use your car for business, you can deduct certain business-related car expenses. There are two options for claiming deductions: Actual Expenses. To use the actual expense method, you need to figure out the actual costs of operating the car for business use. You are allowed to deduct the…

Your Canceled Debt Could Be Taxable

Your Canceled Debt Could Be Taxable Generally, debt that is forgiven or canceled by a lender is considered taxable income by the IRS and must be included as income on your tax return. When that debt is forgiven, negotiated down (when you pay less than you owe), or canceled you will receive a Form 1099-C, Cancellation…

IRS Ends Tax Transcript Fax and Third-Party Services

IRS Ends Tax Transcript Fax and Third-Party Services Due to ongoing efforts to protect taxpayers from identity thieves, the Internal Revenue Service no longer offers tax transcript faxing service and third-party mailing of tax returns and certain transcripts. These measures are effective June 28 and July 1, 2019 respectively, and affect individual and business transcripts.…

Recordkeeping Tips for Small Business Owners

Recordkeeping Tips for Small Business Owners Avoid headaches at tax time by keeping track of your receipts and other records throughout the year. Whether you use an excel spreadsheet, an app, an online system or keep your receipts organized in a folding file organized by month, good record-keeping will help you remember the various transactions…

How the Sharing Economy affects your Taxes

How the Sharing Economy affects your Taxes If you’ve ever used–or provided services for– Uber, Lyft, Airbnb, Etsy, Rover, or TaskRabbit. then you’re a member of the sharing economy and it could affect your taxes. The good news is that if you’ve only used these services (and not provided them), then there’s no need to…

Tips for Getting Paid on Time

Tips for Getting Paid on Time Have you found that collecting on your accounts receivables has become more challenging? If so, strengthening your collection procedures may allow you to improve collection rates and shorten the aging days of your accounts receivables. While some tips discussed here may not be suitable for every business, most can…