Small Business Tax Deductions Business owners often wonder how many tax deductions they can write off against yearly income taxes. They can do this by taking either a current or a capital expense. A current expense benefits the business, such as paying employees’ salaries. A capital expense does not benefit the business directly, like buying...Read More
Business as a Hobby If your business claims a net income loss for too many years or fails to meet other IRS requirements, the IRS may determine that it qualifies as a hobby. This could mean that you won’t be able to deduct any losses related to the business, and you won’t be allowed to...Read More
Can I deduct my meals as a business expense? Can I deduct this flight as a business expense? Can I deduct the cost of my clothes or uniform as a business expense? As a tax attorney, these are common questions I am asked, and rightfully so as everyone wants to take advantage of all potential...Read More
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