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...
by Tax Preparer | Jan 27, 2023 | Tax Blog, Tracking Tips
Help! It’s almost tax filing time, and your records are, well, incomplete. What if you forgot to save receipts, log business mileage, and keep other records of your business related expenses? Is it too late to reconstitute a record of your eligible tax...
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.