Business Deductions: Use of Home for Business Business owners operating from their homes may be eligible to deduct certain expenses related to the portion of their home used for business purposes. Deduction Eligibility Criteria: To qualify for the home office deduction, a specific area of the home must be used under one of the following… Read More

As a self-employed individual, it’s essential to understand which business-related expenses are deductible to optimize your tax benefits. Two primary categories to consider are travel and meal expenses. Travel Expenses When you travel away from your tax home for business purposes, you can deduct certain ordinary and necessary expenses. However, these expenses must not be… Read More

Business Deduction: Use of Personal Car for Business If a car is used exclusively for business purposes, the taxpayer can deduct the full cost of ownership and operation. However, if the vehicle is used for business and personal purposes, only the expenses related to business use are deductible. To determine the deductible amount, the IRS… Read More

Effective January 1, 2024, many companies in the United States are required to report information about their beneficial owners, individuals who ultimately own or control the company to the Financial Crimes Enforcement Network (FinCEN). Twenty-three (23) types of entities, including publicly traded companies, not-for-profit entities, and certain large operating companies, were exempt from this requirement.… Read More

Direct File: The IRS through its secure Direct File Program has made it easy and free to file taxes online in 25 states. The program will open in January 27,2025, the same start date as the tax season. What is Direct File? This is a new IRS service (free tax-prep program) that allows eligible taxpayers… Read More

Direct File: The IRS through its secure Direct File Program has made it easy and free to file taxes online in 25 states. The program will open in January 27,2025, the same start date as the tax season. What is Direct File? This is a new IRS service (free tax-prep program) that allows eligible taxpayers… Read More