If you often travel overnight for business the tax laws allow you to deduct for airfare, hotels and other business related expenses. However, there is a small maze of laws surrounding when and when you cannot deduct for business travel. Let’s take a quick look at what business travel is… read more →
Ask yourself these questions and work your way down: Is part of your home used in connection with a trade or business? Yes: move to next question No: no home office deduction Do you regularly use your home office for your business? Yes: move to next question No: no home… read more →
One of the most important parts of getting your small business started, and making sure it runs successfully, is keeping track of the books and finances. Many a small business has failed because of shoddy accounting. By keeping track of your numbers you will be able to increase your profits,… read more →
If you run a home business your biggest source of deductions is most likely going to be your operating expenses. These expenses include things like home office expenses, business supplies and traveling expenses. Let’s take a look at how the tax code treats operating expenses and how you can take… read more →
When it comes to selling food in a restaurant there are many laws and obligations that come with the business. These laws may seem burdensome at times, but they exist to promote health and safety and enforcement of them is serious business. Let’s take a look at some of the… read more →
It costs money to get a new small business up and running. A lot of it. But luckily, when it comes to the start up costs of new small businesses the IRS is not as much your enemy as your friend. Special tax rules exist to help new small businesses… read more →
Many people in this country work from paycheck to paycheck, relying on each and every check to make enough money to get by. To pay their bills, feed their kids, put gas in their car. So when an employer fails to pay someone for work done, the law does not… read more →
In order to claim home business deductions, you must actually be running a business from your home. This seems obvious. However, the IRS tends to target home businesses and then try to classify them as hobbies in order to rob them of the available business deductions. Because hobbies are ordinarily… read more →
When you run your own small business, you have a right to take tax deductions. It is one way in which the government eases the burdens on small businesses and allows for them to save money. There are loads of small business deductions in the tax laws and you can… read more →
As a small business owner you will need to know the basics of contract formation. This is true for your transactions with customers and with vendors. There is a lot of information about contracts floating around out there, and much of it is false or misleading. Relying on false information… read more →