by Enrolled Agent at BossTax | May 20, 2024 | Tax Blog, Tracking Tips
Oh no! Is it already May?? Missing the tax filing deadline can be a stressful experience, but it’s not the end of the world. Whether you’ve encountered unexpected circumstances or simply procrastinated until the last minute and then realized you...
by Enrolled Agent at BossTax | Jan 29, 2023 | Tax Blog
According to IRS Publication 463, entertainment generally isn’t deductible as a business expense. Starting with the 2017 Tax Cuts and Jobs Act, that category of business expense deductions is no longer allowed. So if you take a customer to a baseball game, even if...
by Enrolled Agent at BossTax | Jan 29, 2023 | Financial Planning, Tax Blog, Tracking Tips
The IRS requires good recordkeeping for any deductions you claim on your tax return. No estimates or approximated values may be used – only actual records. If you’re in business for yourself, that means you need to make a record of your income and tax deductible...
by Enrolled Agent at BossTax | Jan 28, 2023 | Tax Blog, Tracking Tips
One of the most common questions of self-employed business owners is “How much should I deduct?” The obvious answer is only to deduct those business expenses you actually incurred. But if you’re like most people, you don’t have a perfect record keeping system and...