What a business can deduct and how to document it: insurance, education and training, bad debts, professional fees, and the deductions owners most often miss.
18 guides, each written by a CPA licensed in the US and Canada.
Business bad debts are deductible as ordinary losses under IRC 166 when a previously included income amount becomes uncollectible.
Small Business & BookkeepingBusiness credit card tax rules: 1. The purchase is the deduction, not the payment: For cash-basis taxpayers, the expense.
Small Business & BookkeepingBusiness credit card expenses are deductible when charged for legitimate business purposes. Business credit card tax rules.
Small Business & BookkeepingEducation expenses are deductible when they maintain or improve skills required in your current trade (Reg. 1.162-5). Education expense deductibility.
Small Business & BookkeepingAll ordinary and necessary business insurance premiums are deductible. Business insurance premiums are deductible as ordinary and necessary business.
Small Business & BookkeepingBusiness insurance premiums are among the most straightforward tax deductions available, yet they're often miscategorized or underreported.
Small Business & BookkeepingGeneral liability, professional liability, commercial auto, workers' comp, and business property insurance are deductible business expenses.
Small Business & BookkeepingEducation and training expenses are deductible as business expenses under IRC 162 when the education maintains or improves skills required.
Small Business & BookkeepingBusiness-related education is deductible if it maintains or improves skills in the current business. Education deduction rules (Treas.
Small Business & BookkeepingBusinesses in federally declared disaster areas can deduct casualty losses, claim the loss on the prior year's return for a faster refund.
Small Business & BookkeepingBest practice: open a dedicated business checking account and a business credit card.
Small Business & BookkeepingA comprehensive checklist of deductions available to small business owners, organized by category.
Small Business & BookkeepingAll ordinary and necessary business insurance premiums are deductible under IRC 162. Deductible business insurance premiums: Always deductible.
Small Business & BookkeepingInsurance proceeds for property damage are taxable only to the extent they exceed the adjusted basis of the destroyed property.
Small Business & BookkeepingBusiness insurance proceeds have different tax treatments depending on the type of policy and how the proceeds are used.
Small Business & BookkeepingBusiness insurance proceeds are taxable to the extent they exceed the adjusted basis of the property destroyed or damaged.
Small Business & BookkeepingBusiness insurance proceeds receive different tax treatment depending on the type of insurance. Tax treatment by insurance type.
Small Business & BookkeepingThe tax treatment of business litigation proceeds depends on the origin of the claim. Tax treatment of damages received (recipient's perspective): |.