Ensure you have everything you need for a smooth, on time tax return with a customized partnership tax return checklist from John F. Dennehy Jr. CPA, PC. Regardless of your state or line of business, every partnership is required to report expenses and revenue with the Internal Revenue Service Form 1065. This form must be […]
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While most people think they need the Rosetta Stone to decipher the Section 179 tax deduction, it’s actually not complicated. Basically, this tax deduction for businesses allows owners to deduct the full price of qualifying software and/or business equipment financed or purchased during the respectable tax year. In other words, if you lease or purchase a […]
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If you work from home as a freelancer or operate your business in a home office, you may be eligible to use home office depreciation. When preparing your taxes, you can typically take a deduction for your home office expenses as well as the cost of the assets you purchase. to learn more […]
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If you’re a sole proprietor, you are fully responsible for the complete control of your business, which includes being liable for all business debts and financial obligations. As a result, sole proprietors must keep excellent records to meet federal tax regulations. Because sole proprietors do not have income taxes regularly withheld from their business income, they […]
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Expense deductions for businesses can save you a boatload of money on income tax liability. However, if the IRS ever audits you, it’s imperative you are able to produce receipts to prove those expenses actually occurred. The IRS allows taxpayers to make certain deductions without receipts. The agency also allows paid bills and credit card […]
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A tax return is a document you are required to file with the federal and sometimes state government on an annual basis to show how much income you earned during the year. In general, you will file on either the Form 1040, Form 1040A and Form 1040EZ for personal tax returns. Although everyone can choose […]
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