Do you own a property and rent it to your own business? That’s called a self-rental, and it comes with unique tax implications! The IRS...

✅ Sole proprietors can reduce their taxable income by deducting the cost of health insurance as a personal tax deduction. However, this...

You might think assets are only relevant for large corporations, but in reality, almost every small business owns assets. Tools,...

Question: Can I have a single bank account for both business and personal purchases? Or can I use my business account for personal...

It's probably not a secret to many that there is a tax credit of up to $7,500 for purchasing an electric vehicle in 2023. This credit has...

The choice of a corporate tax structure should be a conscious decision, not taken lightly. Far too often, business owners make this...

Business owners often find themselves pondering this question. As a rule, they'd prefer to hire a contractor and avoid the headache of...

You've decided to start your own business. This is great! What should be the first step? You need to decide what type of business...

Business travel expenses claimed on tax returns often send up a red flag to the IRS and trigger audits. There is nothing to be afraid of...

Recordkeeping for businesses might be boring, annoying, you name it, but it is still your obligation to have a good recordkeeping system....

Health Insurance is not required anymore, but if you still pay for your health insurance premiums and you are self-employed, you can...

There was so much confusion about this deduction, it is always useful to get back to it and review what exactly you can deduct. First...

Do not forget about new W4 form for 2020. It is pretty different, as it was designed and updated to reflect recent changes in the tax...

Recordkeeping is always a tough question for business owners. Lots of new apps have appeared recently to help them be on track. But still...