Business Income – Internal Revenue Code Simplified A Tax Guide That Saves You Money ! Sun, 21 Apr 2019 09:42:17 +0000 en-US hourly 1 Business Income – Internal Revenue Code Simplified 32 32 What is Hobby Loss Rules ? Wed, 20 Feb 2019 12:39:51 +0000 What is Hobby Loss RulesIf you have created a business out of hobby or wishing to adjust expens eon hobbies , you must be understanding hobby loss rule , because IRS will surely raise Red Flag on your claim of expense ]]> 0 How Section 179 Deduction Saves a lot of Taxes! Thu, 24 Jan 2019 16:20:33 +0000 Section 179 DeductionThe Tax Cuts & Jobs Act has amended section 179 deduction to higher limits and also the purchase limit has been increased considerably]]> 0 2019 Standard Mileage Rates Announced ! Mon, 17 Dec 2018 08:01:15 +0000 2019 Mileage RatesThe Internal Revenue Service (IRS) has issued the 2019 standard mileage reimbursement rates. Beginning on January 1, 2019, the standard mileage rates for the use of a car, van, pickup or panel truck will be: 58 cents per mile for business miles driven (up from 54.5 cents in 2018) 20 cents per mile driven for […]]]> 0 IRS Notice 2018-76-Five Conditions for Claiming Meal Deduction Mon, 08 Oct 2018 12:33:40 +0000 There is good news for business onwers- IRS has just issued Notice 2018-76 that pertains to deductions for meals and entertainment. As you know , under the pre-TCJA law, businesses could deduct upto 50 percent of the amount of the entertainment expense under Code Section 274(n)(1) if the said entertainment expense was directly related to […]]]> 0 What is a Pass Through Business Entity & When do they Get 20% Deduction Under TCJA ? Fri, 08 Jun 2018 13:03:22 +0000 If you are thinking of claiming the much talked about deductions under Tax Cuts and Jobs Act for small business owners ,first thing to understand what is a pass through business entity and whether your business qualify as one??]]> 0 Form 944 to Simplify Tax Filing for Small Business Owners Sun, 28 Jan 2018 04:39:22 +0000 Form 944Form 944 is a great step to reduce the compliance burden for the smallest employers. As you must be aware that an employer is required to withhold taxes from employee wages, then file and deposit the payroll taxes. After that, company employer is required to file quarterly federal payroll and income taxes. Now, very small […]]]> 0 Self Employed Health Insurance Deduction Simplified ! Sun, 21 Jan 2018 04:31:35 +0000 Self Employed Health Insurance DeductionCan a self employed Individual claim health insurance deduction from taxable income? The answer is definitely yes. Anyone who has self-employment income can claim health insurance deduction, not only for the premium paid for himself but for also for the spouse, and dependents. Who can claim health insurance deduction? As you know there are various ways a […]]]> 0 New 20% Tax Deductions for Qualified Business Income ? Wed, 17 Jan 2018 10:43:03 +0000 qualified business incomeThe Tax Cuts & Jobs Act has brought a new provision in the Internal Revenue Code to provide  20% tax deduction for all self-employed or freelancers or estate or trust from a partnership, S corporation or sole proprietorship or s corporation or who have qualified business income. This is in addition to 25 self-employment tax deductions […]]]> 0