Expenses
Small Business Travel – What you Need to Know!
Travel Deductions for Small Business Owners: What You Need to Know – Warning this is a long one! Recently, I was scanning some TikTok posts of some folks who have quite a few followers and I was disturbed by what was being said. “ Deduct your whole vacation by….” As a small business owner, understanding…
Read MoreDecoding the Self-Employed Health Insurance Deduction for S-Corp Owners
Decoding the Self-Employed Health Insurance Deduction for S-Corp Owners Navigating the intersection of S-corps, health insurance, and ACA subsidies As an S-corporation owner (specifically, a 2% or more shareholder), you wear many hats, from visionary leader to chief cook and bottle washer. Among the many things to manage, navigating…
Read MoreIs there a Benefit to Renting your Business your Building?
Tax Advantages of Renting a Personally Owned Building to Your Business for the 2025 Tax Year Renting a personally owned building to your business can provide significant tax advantages, but it also requires careful compliance with IRS rules to avoid potential pitfalls. Below, we explore the key benefits and considerations for the 2025 tax…
Read MoreUnderstanding Home Office Expenses
Understanding Home Office Expenses and Their Tax Implications What Are Home Office Expenses? Home office expenses refer to costs incurred for using a portion of your home exclusively for business purposes. These expenses can include mortgage interest, rent, utilities, insurance, repairs, and depreciation. To qualify for a deduction, the space must be used regularly and…
Read MoreAdditional Vehicle Considerations
Depreciation of Business Vehicles If the actual expense method is used, depreciation may be claimed for vehicles used more than 50% for business purposes. For 2025, the depreciation limits for passenger vehicles are as follows: First year: $12,400 (if no bonus depreciation is claimed) Second year: $19,800 Third year: $11,900 Each succeeding year:…
Read MoreComparison of Standard Mileage and Actual Expenses
Comparison of Standard Mileage and Actual Expenses Today, let’s look at the differences between Standard Mileage Rate and Actual Expenses and what are the tax implications in more detail. We will explore some common questions. Let’s look at the Standard Mileage Rate This is the Most Common for Small Business Owners For 2025, the IRS…
Read MoreTreatment of Vehicle Expenses: Mileage vs Actual Expenses
Treatment of Vehicle Expenses: Mileage vs Actual Expenses One of the common discussions I have with business owners is the treatment of vehicle expenses vs mileage. So, let’s chat about it and see if we can make things clearer. It is essential you understand the tax implications and opportunities for deductions. The IRS provides specific…
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