Tags: Deductions

Business Owner Salary: What Should You Pay Yourself?

As a small business owner or independent contractor, you face an interesting question: What should you pay yourself? In this post, we’ll go over some of the factors you should consider when ...Read more

Are Tax Preparation Fees Deductible

Tax preparation fees paid to people or for computer resources can add another financial burden, particularly if you’re paying the quarterly self-employment tax. Are these tax preparation fees ...Read more

Ask The Tax Expert: Taking the Depreciation Deduction

Q. I bought a $40,000 car that I used 100% for business. If I use the standard mileage deduction, can I still take a Section 179 depreciation tax deduction? If I don't take a standard mileage ...Read more

Are Employee Travel, Meal and Entertainment Reimbursements Deductible?

As a self-employed business owner, you can deduct your business-related travel, meal and entertainment expenses to an extent. But often times, it’s not the employer, but the employee, who incurs ...Read more