Clients often ask what vehicle expenses are tax deductible. While this may seem a somewhat complicated aspect of business ownership, this article aims to help clarify the process. If you have already met the requirements for deducting your vehicle for your business,...
If you deduct your vehicle mileage for business purposes, you will want to be aware of new standards going into effect. The IRS released new standard mileage deduction rates for 2023. If you have already met the requirements for deducting your vehicle for your...
As we enter the new year, many small business owners focus on tax obligations and how they can reduce the current year’s taxes. However, after the year is over, little can be done to change a business’s tax situation. It is best to get a jump start on next year’s...
Audits by the Internal Revenue Service (IRS) are rare, but there are certain behaviors the IRS tends to keep an eye out for. The reasons for an audit are not always clear, but here are six of the most common IRS red flags for small businesses to avoid. Small Business...
In recent years, many owners have been increasingly moving a business to Nevada. There are several reasons for this, but the primary reason is the perception that Nevada has no income tax. While this is true at the individual level, tax requirements affecting...
The IRS may audit a tax return for a variety of reasons. Surprisingly, most individuals will never face one, and only the IRS knows for sure how they select a tax return for audit. However, experience shows several reasons the IRS might select a tax return for an...
