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.
Landlords a 1099 applies to you! Do you collect W-9s from contractors? Well did you collect W-9s from those contractors? Did you know that services over $600 threshold require that you do? When you use independent contractors to perform services for your business, for each individual whom you pay $600 or more for the year, the IRS […]
Family Day Care Providers Meals Allowance and Other Amenities for their Business. A taxpayer who is in the business of providing family day care in their home most likely provide meals and other amenities. Daycare providers may deduct the ordinary and necessary expenses of their business. In both parts of this blog series, we will […]
Family Daycare Providers Business Home Use? Look what special tax benefits the IRS has for you! A taxpayer who is in the business of providing family daycare in their home may deduct the ordinary and necessary expenses of their business. Therefore, we thought it was in our readers best interest to learn about these benefits. […]
How does the Home Office Tax Deduction affect you? Did you know that the home office tax deduction applies to the business use of a home, and that the space itself may not actually be an office? This category also includes using part of a home for storing inventory. An example is a wholesale or […]