When a self-employed individual makes a company trip outside of the United States and the trip is 100% for the purpose of your profession, all of the ordinary and necessary company travel expenses are deductible. However, there are rules the IRS has as to what qualifies as ordinary or necessary travel expenses for company and personal travel.
When maintaining accurate recordkeeping for small businesses, precise records will make things much easier. Best practices include reviewing the business improvements and progress. Another thing to always do is monitor expenses, along with pinpointing where your income sources are. Next, make it a habit to look over financial statements. And finally, prepare tax returns and keep all source documents for items on tax returns.
Filing an extension helps since the income tax due date is around the corner. Are you up against filing an extension since you won’t make the April tax filing deadline? Do you still need some information to complete your tax return? You are at the point where it would make sense to obtain a six-month […]
Tax deduction changes in the Tax Cuts and Jobs Act affect almost every person who files itemized deductions on tax returns with the IRS in prior years. One favorable change is that tax reform is nearly twice the standard deduction for most taxpayers. This means that many individuals may prefer to take the standard deduction. This standard deduction makes tax filing more simple. However, some taxpayers will still itemize their total deductions when these deductions exceed the standard deduction amount for the taxpayers filing status.
Important Tips to Begin the 2019 Tax Year right! It’s a good feeling to start off the 2019 tax year on the right foot. It not only gets you in the grove for growing your business, but it also helps you resist bad habits that try to creep up during the year. Individuals and small […]
IRS Wants Businesses to E-file Cash Transaction Reports; It’s Quick, Simple and Free You can now e-file cash transaction reports, and the IRS wants you to do it. Did you know that you have to file large transactions over $10,000 with the IRS? And now, The Internal Revenue Service wants businesses to e-file reports that […]