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Tax Tip Tuesday: Maximize Deductions for Business Vehicle Expenses

Baby, you CAN’T drive my car…because I need the miles. Happy Tax Tip Tuesday! Today, we are talking about maximizing…
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business vehicle expenses

Tax Tip Tuesday: Maximize Deductions for Business Vehicle Expenses

Baby, you CAN’T drive my car…because I need the miles. Happy Tax Tip Tuesday! Today, we are talking about maximizing the deduction for your business vehicle expenses. This is a deduction beneficial to freelancers, ride-share drivers, and anyone who has a home office or drives for their job. How to maximize deductions for your business vehicle expenses If you are self-employed and drive your car for your business, we recommend deducting your vehicle expenses to lessen your tax burden. To deduct the costs associated with your vehicle used for work, you can use the Standard Mileage method or the Actual Expenses method. You will

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QBI Deductions for Businesses

QBI Deduction for Businesses

The Tax Cuts and Jobs Act (TCJA) provided a significant tax deduction to business owners of pass-through entities – partnerships, S corporations, sole proprietorships, rental properties, and farms. The deduction is now 20% of your qualified business income or QBI. QBI is defined as the net amount of income, gain, deduction, and loss with respect to your trade or business.  With this change, it has become increasingly important to determine what entity structure is best for your business (Read about Business Entities here). With the new deduction for pass-through entities, you will notice that your family income tax planning and your business income

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Tax Tip Tuesday: College Edition

These days, it’s common for students to have a job while away at college to sustain themselves throughout the year. Make sure to add this to your color-coded to-do list! Here’s a useful college hack to sneak in between prioritizing sleep and sitting in the front row.  As a working student, the first thing you will need to consider is if you are going to file a tax return or not. If you have over $12,000 of income that you earned in 2019, you will need to file a tax return. If your income is less than that but you worked at a job that withheld taxes,

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Unreimbursed Business Expenses

Unreimbursed business expenses and how they were affected by the 2018 tax law changes

Last week, we discussed tracking business expenses, ways to track them, and why they are crucial to record for your tax purposes. We hope you found our custom business expensive worksheet as a useful checklist to make sure no expense is overlooked. This week we are continuing our talk on business expenses and what’s different since the 2018 tax law changes. A significant change that came with the Tax Reform is unreimbursed business expenses. Many individuals noticed a big hit to their itemized deductions in 2018 due to this new rule.  Unreimbursed Business Expenses  Prior to the Tax Reform, certain employees were able to

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Tracking Business Expenses

Tracking Business Expenses

So, you have a business…and you’ve realized it can be overwhelming and complicated to keep track of all your records. However, keeping track of your business expenses can save you thousands come tax time.   One of the first things we recommend to all business owners is to open a separate bank account and/or credit card for your business. Keeping your business separate from your personal expenses is a great business practice but it also makes organizing and tracking your business expenses a lot easier. If you have a separate account and/or credit card that you only use for your business you automatically know that

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