Record Keepig Requirements for Deductions

Educators may be able to claim 2 deductions for 2026 classroom expenses

Teachers and other educators often spend their own money on books, supplies, equipment and other classroom needs. For 2026, eligible educators may have two ways to deduct qualifying unreimbursed expenses. One deduction is available whether or not they itemize, and a new deduction under the One Big Beautiful Bill Act (OBBBA) is available to itemizers. […]

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Self-employed? Don’t overlook valuable tax deductions

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 / Douglas Freeman

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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Are you eligible for mileage deductions?

2025 Mileage Deduction, 2025 Tax Return, Business Vehicle, Charitable Mileage Deduction, Itemized Deduction, Medical Expenses, Moving Expenses, One, Big, Beautiful Bill Act, Taxes 2025 / Douglas Freeman

Whether you’re filing your 2025 individual income tax return or planning for 2026, it’s important to know if you can deduct vehicle-related expenses. A change that was made permanent by last year’s One Big Beautiful Bill Act (OBBBA) limits who can claim a deduction for business mileage. But you might still be eligible, and deductions

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Business deductions for four-legged coworkers

Business Deductions, Small Business, Small Business Owners, Small Business Tax Tips, Small Business Tips / Douglas Freeman

Did you know that you can claim tax deductions for animals that serve a bona fide business purpose? This benefit extends beyond agricultural operations. Working animals in many sectors may qualify. Here are the details. Working animals vs. personal pets A working animal must provide a clear and direct business benefit. Common examples include: In

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Tax Court case provides lessons on best recordkeeping practices for businesses

Federal Taxes, Small Business, Small Business Owners, Small Business Tax Tips, Small Business Tips / Douglas Freeman

Running a successful business requires more than delivering great products or services. Behind the scenes, meticulous recordkeeping plays a crucial role in financial health, compliance and tax savings. Good records can mean the difference between successfully defending a deduction and losing valuable tax breaks. A recent U.S. Tax Court decision underscores just how important this

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DOs and DON’Ts to help protect your business expense deductions

Business Deductions, Home Office Deduction, Small Business, Small Business Owners, Small Business Tips / Douglas Freeman

If you’re claiming deductions for business meals or vehicle expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law. Tax auditors are adept at rooting

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From flights to meals: A guide to business travel tax deductions

Business Meals and Entertainment, Business Travel Deductions, Business Travel Expense, Business Travel Rates 2024, Employees, Self Employed, Small Business Owners / Douglas Freeman

As a business owner, you may travel to visit customers, attend conferences, check on vendors and for other purposes. Understanding which travel expenses are tax deductible can significantly affect your bottom line. Properly managing travel costs can help ensure compliance and maximize your tax savings. Your tax home Eligible taxpayers can deduct the ordinary and

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