The IRS explains with tax tip 2019-116 that when you start a business you have options as to the business structure, Sole proprietorship, Partnership, Corporation, S corporation and LLC. Also you can choose your year end, it does not have to be December 31. Starting a business can be ...Click here for more
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If you paid for work-related expenses out of your own pocket, you may be able to deduct those costs. In most cases, you can claim allowable expenses if you itemize on IRS Schedule A, Itemized Deductions. You can deduct the amount that is more than two percent of your adjusted gross income....Click here for more
For Small Businesses: IRS Raises Tangible Property Expensing Threshold to $2,500; Simplifies & Expensing Threshold to Simplifies Filing & Recordkeeping
WASHINGTON —The Internal Revenue Service today simplified the paperwork and record keeping requirements for small businesses by raising from $500 to $2,500 the safe harbor threshold for deducting certain capital items. The change affects businesses that do not maintain an applicable f...Click here for more
When you start a business, a key to your success is to know your tax obligations. You may not only need to know about income tax rules, but also about payroll tax rules. Here are five IRS tax tips that can help you get your business off to a good start. 1. Business Structure. An earl...Click here for more