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Tax Deduction

Self-employed? Don’t overlook valuable tax deductions

Leave a Comment / Education Tax Breaks, Federal Income Tax, Home Office Deduction, Independent Contractors, Self Employed, Self Employment Tax, Small Business, Small Business Owners, Small Business Tax Tips, Small Business Tips, Sole Proprietors, Tax Deduction, Tax-Deductible Business Expenses /

If you’re self-employed, you probably have questions about deducting business expenses on your federal income tax return. Here’s a quick overview of the filing requirements for sole proprietors and independent contractors, and five examples of expense deductions that are commonly overlooked or misunderstood. Filing basics Sole proprietors and independent contractors must report their business activity […]

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What’s your potential business vehicle deduction?

2025 Mileage Deduction, Actual Expenses Method, Business Income Tax, Business Mileage, Depreciation Deduction (Section 179), Federal Income Tax, Small Business, Small Business Owners, Small Business Tax Tips, Small Business Tips, Tax Deduction, Vechicle /

If you used one or more vehicles in your business during 2025, you may be eligible for valuable tax deductions on your 2025 income tax return. Businesses can generally deduct expenses attributable to business use of a vehicle plus depreciation. However, the rules are complicated, and your deduction may be affected by factors such as

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There’s still time for businesses to benefit from clean energy tax breaks

Clean Vehicle Credit, Federal Tax Deductions, One, Big, Beautiful Bill Act, Small Business, Small Business Owners, Small Business Tax Tips, Small Business Tips, Tax Deduction /

The One Big Beautiful Bill Act (OBBBA), signed into law July 4, 2025, extends or enhances many tax breaks for businesses. But the legislation terminates several business-related clean energy tax incentives earlier than scheduled. For example, the Qualified Commercial Clean Vehicle Credit (Section 45W) had been scheduled to expire after 2032. Under the OBBBA, it’s available

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New rules could boost your R&E tax savings in 2025

Federal Tax Deductions, Federal Taxes, One, Big, Beautiful Bill Act, Research & Experimental Expenses (R&E), Research Tax Credit, Small Business, Small Business Owners, Tax Deduction /

A major tax change is here for businesses with research and experimental (R&E) expenses. On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) reinstated the immediate deduction for U.S.-based R&E expenses, reversing rules under the Tax Cuts and Jobs Act (TCJA) that required businesses to capitalize and amortize these costs over five years (15 years

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EBHRAs: A flexible health benefits choice for businesses

EBHRA - Excepted Benefit Health Reimbursement Arrangement, Employees, HIPAA-Health Insurance Portability and Accountability Act, HSA, Medical Expenses, Small Business, Small Business Owners, Tax Deduction /

Today’s companies have several kinds of tax-advantaged accounts or arrangements they can sponsor to help employees pay eligible medical expenses. One of them is a Health Reimbursement Arrangement (HRA). Under an HRA, your business sets up and wholly funds a plan that reimburses participants for qualified medical expenses of your choosing. (To be clear, employees can’t

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You don’t have to be in business to deduct certain vehicle expenses

AGI (Adjustable Gross Income), Charitable Mileage Deduction, Itemized Deduction, Medical Deductions, Self Employed, Tax Cuts and Job Acts (TCJA), Tax Deduction, Vehicle Expenses /

When you think about tax deductions for vehicle-related expenses, business driving may come to mind. However, businesses aren’t the only taxpayers that can deduct driving expenses on their returns. Individuals may also be able to deduct them in certain circumstances. Unfortunately, under current law, you may be unable to deduct as much as you could

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When do valuable gifts to charity require an appraisal?

Charitable Contributions, Charitable Donations, Deductions, Gifts, Itemized Deduction, Tax Deduction /

If you donate valuable items to charity and you want to deduct them on your tax return, you may be required to get an appraisal. The IRS requires donors and charitable organizations to supply certain information to prove their right to deduct charitable contributions. How can you protect your deduction? First, be aware that in

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Don’t have a tax-favored retirement plan? Set one up now

401K, IRA, Retirement, Self Employed, Simplified Employee Pension (SEP), Sole Proprietors, Tax Deduction, Tax Planning, Tax-Advantaged Retirement Plan, The SECURE Act /

If your business doesn’t already have a retirement plan, it might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions. For example, if you’re self-employed and set up a SEP-IRA, you can contribute up to 20% of your self-employment earnings, with a maximum contribution of $69,000 for

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