If you spend money personally on behalf of your closely held corporation, you want to make sure either you or the business can deduct the expense. Here are the rules.
Tag: deductible expenses
How Congress is Planning to Rescue Restaurants Through Tax Deductions
Lawmakers seek to tweak an existing business deduction to boost the restaurant industry’s bottom line and put thousands back to work.
Tax implications of working from home and collecting unemployment
Have you lost your job and collecting unemployment? Or are you fortunate to be working from home because of the pandemic? Both of these situations could have tax implications.
How entrepreneurs must treat expenses on their tax returns
Have you recently started a new business? Or are you contemplating starting one? Launching a new venture is a hectic, exciting time. And as you know, before you even open the doors, you generally have to spend a lot of money. You may have to train workers and pay for rent, utilities, marketing and more.[ … ]