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 BossTax Admin | Jan 24, 2023 | Financial Planning, Tax Blog, Tracking Tips
Reporting your solo business at tax time If you are in business for yourself, you typically use the Schedule C to report your business income and expenses. The Schedule C is included in your personal income taxes, which are filed on the IRS Form 1040. You can...
Wait a sec. I can't deduct entertainment anymore? What if that's my whole business?
But I'm not an accountant! What counts as "good recordkeeping" for the IRS? Read on to find out what's required.
How much should I deduct? Can I avoid all taxes by showing a business loss? Yes - but beware the IRS hobby rule. And of course, you could always be audited, so it's best to stick to the facts.
Help! It’s almost tax filing time, and your records are, well, incomplete. What if you forgot to save your info? Don’t worry, you’re not totally out of luck. Read on to find out how to save yourself on tax day.