small business

Regardless of whether you are a sole proprietor or the owner of a corporation, you must file taxes. Most people have the typical deductions down. Business owners can deduct their mileage and other auto expenses, office rental, employee wages, and contract labor. But did you know there are a plethora of other things that you may be able to deduct on your taxes? Keep reading to learn about some surprising tax déductions.

Advertising- Any money spent on branding, business cards, signage, advertisements in newspapers or magazines, etc. are fully deductible. This even includes the little candies you give away at your trade show booth.

Gym memberships & Pools – The costs you incur to exercise can be deductible if your … Read more →

Are you tired of the daily, weekly, monthly struggle to make ends meet? You love what you do, right? But sometimes it’s just so… hard. It could be time to consider a new form of revenue: passive income. If you’re a business owner, chances are, you’ve heard the term. But do you know what it is or how it could benefit you?

Passive income is defined by the IRS as “net rental income and income from a business in which the taxpayer does not materially participate.” Essentially, it is exactly what it sounds like: income that comes in regularly with minimal to no ongoing effort required. This income could come in many different forms, including rental properties, investments, training videos … Read more →

What expenses can you claim? Tax codes can be overwhelming. Navigating the always changing, always gray area of deductions can give even the most experienced tax advisors a migraine. However, if you learn how to play your deduction cards right, you’ll find yourself keeping a lot more money than you might expect. This can be especially true when it comes to medical deductions. With just a few, simple adjustments to your tax strategy, it can almost feel like the IRS is paying people to get healthy!

Here are 9 wacky medical deductions that actually worked:

Alternative medicine: The IRS approved a deduction for a Navajo healing ceremony, a series of songs and chants performed to lessen pain and break curses.… Read more →

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