Deductable Expenses – Page 3 – DougFreemanCPA.com

It’s a good time to buy business equipment and other depreciable property

2019 Tax Return, Business Deductions, Business Equipment, Deductable Expenses, Deductions, Depreciation, Depreciation Deduction (Section 179), Equipment, Income Tax, Section 179, Small Business, Tax, Tax Cuts and Job Acts (TCJA), Tax Deduction, Tax Planning / Douglas Freeman

There’s good news about the Section 179 depreciation deduction for business property. The election has long provided a tax windfall to businesses, enabling them to claim immediate deductions for qualified assets, instead of taking depreciation deductions over time. And it was increased and expanded by the Tax Cuts and Jobs Act (TCJA). Even better, the […]

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Tax-smart domestic travel: Combining business with pleasure

Business Meals and Entertainment, Business Travel Deductions, Business Travel Expense, Deductable Expenses, Documentation, Income Tax, Small Business, Tax Record Retention / Douglas Freeman

Summer is just around the corner, so you might be thinking about getting some vacation time. If you’re self-employed or a business owner, you have a golden opportunity to combine a business trip with a few extra days of vacation and offset some of the cost with a tax deduction. But be careful, or you

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What type of expenses can’t be written off by your business?

Business Deductions, Business Meals and Entertainment, Deductable Expenses, Deductions, Internal Revenue Service, Section 162, Small Business, Tax Deduction / Douglas Freeman

If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. It doesn’t explicitly state that you can deduct office supplies and certain other expenses. Some expenses are detailed in the tax code, but the general rule is contained in

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Deducting business meal expenses under today’s tax rules

Business Meals and Entertainment, Deductable Expenses, Income Tax, Small Business, Tax Cuts and Job Acts (TCJA) / Douglas Freeman

In the course of operating your business, you probably spend time and money “wining and dining” current or potential customers, vendors and employees. What can you deduct on your tax return for these expenses? The rules changed under the Tax Cuts and Jobs Act (TCJA), but you can still claim some valuable write-offs. No more

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The home office deduction: Actual expenses vs. the simplified method

2018 Tax Return, Actual Expenses Method, Business Income Tax, Deductable Expenses, Deductions, Depreciation, Home Office Deduction, Income Tax, Small Business, Tax, Tax Deduction / Douglas Freeman

If you run your business from your home or perform certain functions at home that are related to your business, you might be able to claim a home office deduction against your business income on your 2018 income tax return. Thanks to a tax law change back in 2013, there are now two methods for

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Some of your deductions may be smaller (or nonexistent) when you file your 2018 tax return

2018 Tax Return, Business Income Tax, Deductable Expenses, Deductions, Income Tax, Individual Income Tax, Small Business, State Tax, Tax, Tax Cuts and Job Acts (TCJA), Tax Deduction / Douglas Freeman

While the Tax Cuts and Jobs Act (TCJA) reduces most income tax rates and expands some tax breaks, it limits or eliminates several itemized deductions that have been valuable to many individual taxpayers. Here are five deductions you may see shrink or disappear when you file your 2018 income tax return: 1. State and local

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Higher mileage rate may mean larger tax deductions for business miles in 2019

2018 Mileage Deduction, 2019 Mileage Deduction, Business Mileage, Deductable Expenses, Income Tax, Internal Revenue Service, Tax Cuts and Job Acts (TCJA), Tax Savings, Vehicle Expenses / Douglas Freeman

This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business increased by 3.5 cents, to the highest level since 2008. As a result, you might be able to claim a larger deduction for vehicle-related expense for 2019 than you can for 2018. Actual costs vs. mileage

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2 major tax law changes for individuals in 2019

2018 Tax Return, AGI (Adjustable Gross Income), Deductable Expenses, Deductions, Income Tax, Internal Revenue Service, Itemized Deduction, Medical Deductions, Tax, Tax Cuts and Job Acts (TCJA), Tax Deduction, Tax Planning, Tax Savings / Douglas Freeman

While most provisions of the Tax Cuts and Jobs Act (TCJA) went into effect in 2018 and either apply through 2025 or are permanent, there are two major changes under the act for 2019. Here’s a closer look. 1. Medical expense deduction threshold. With rising health care costs, claiming whatever tax breaks related to health

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6 last-minute tax moves for your business

Business Income Tax, Deductable Expenses, Depreciation, Donations, Income Tax, Internal Revenue Service, Investment, Past-Through Entities, Retirement, Small Business, Tax Cuts and Job Acts (TCJA), Tax Deduction, Tax Planning, Tax Savings / Douglas Freeman

Tax planning is a year-round activity, but there are still some year-end strategies you can use to lower your 2018 tax bill. Here are six last-minute tax moves business owners should consider: Postpone invoices. If your business uses the cash method of accounting, and it would benefit from deferring income to next year, wait until

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Does prepaying property taxes make sense anymore?

Deductable Expenses, Income Tax, Individual Income Tax, Internal Revenue Service, Itemized Deduction, Property Tax, SALT, Tax, Tax Cuts and Job Acts (TCJA), Tax Deduction, Tax Planning / Douglas Freeman

Prepaying property taxes related to the current year but due the following year has long been one of the most popular and effective year-end tax-planning strategies. But does it still make sense in 2018? The answer, for some people, is yes — accelerating this expense will increase their itemized deductions, reducing their tax bills. But

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