Tax Tips for Businesses

Affordable Care Act

New IRS Publication Helps You Find out if You Qualify for a Health Coverage Exemption Taxpayers who might qualify for an exemption from having qualifying health coverage and making a payment should review a new IRS publication for information about these exemptions. Publication 5172, Health Coverage Exemptions, which includes information about how you get [...]

By |2016-12-21T12:12:39-07:00October 20, 2014|Tax Rules & Laws, Tax Tips for Businesses|

Tax aspects of self-employment

Tax aspects of self-employment When considering the decision to go into business for yourself (as a sole proprietor), there are several important rules and tax aspects to consider: (1) For income tax purposes, you will report your income and expenses on Schedule C of your Form 1040. The net income will be taxable to you [...]

By |2016-12-21T12:13:57-07:00June 16, 2014|Tax Rules & Laws, Tax Tips for Businesses|

Home Office Deduction for Self-Employed Taxpayer

Home office expense deduction for self-employed taxpayer If you're self-employed and work out of an office in your home, and if you satisfy the strict rules that govern those deductions (discussed below), you will be entitled to favorable “home office” deductions—that is, above-the-line business expense deductions for the following: the “direct expenses” of the [...]

Standard Mileage Rates for 2014

The Internal Revenue Service issued the 2014 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2014, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 56 cents per mile for business miles driven 23.5 cents per mile driven for medical or moving purposes 14 cents per mile driven in service of charitable organizations

By |2016-12-21T12:14:46-07:00January 27, 2014|Tax Rules & Laws, Tax Tips for Businesses|
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