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...
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.