Tax Related

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  Business Use of Vehicles: The Ownership Dilemma

  If you operate your own business and you use a vehicle for business purposes, you are entitled to a tax deduction for the cost of operating the vehicle. But you wonder, who should own the vehicle? You or the company? There are tax and other factors to consider when making this decision.   What Constitutes

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  To Capitalize or Not To Capitalize

  According to the IRS, business expenses are the costs of carrying on a trade or business. And business expenses are generally    deductible in the period in which they are incurred. However, there are some expenses that a business incurs that are not immediately deductible.  They are typically expenses for items that have a useful life

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• Accounting Rules vs. Tax Rules: Tax Deductibility of Travel Expenses

  There are generally accepted accounting principles that are used for bookkeeping purposes and there are tax laws that are used for completing and filing a tax return. These two things are not always the same. Because there are differences between accounting principles and tax law, the amount you can deduct for tax purposes may not

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  The Top 10 IRS Publications for Small Business Owners

  A number of accounting rules evolved from tax rules and vice versa. Therefore, as a small business owner, if you have no formal training in bookkeeping or accounting, you can turn to IRS publications for help in illustrating the rules. I use the IRS website almost every week to research topics relating to taxes as

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• Forming Your Business Entity: Which Business Type is Right For Your Business Model? – Part II

  There are many issues to consider when deciding which business type will be best for your business model. In my last post, I wrote about the ease of formation and the liability of owners of each of the four types of business entities: Sole Proprietorship Partnership Limited Liability Company Corporation In this post, I’d like

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