by Christina Lee on March 4th, 2009
The definition of what small businesses can claim on their taxes has always been pretty broad. In fact, it can easily sum up to just about any “ordinary, necessary, and reasonable expense,” as legal reference Nolo states.
But Section 179 of the Economic Stimulus Act of 2008 may allow for small business owners to get even more of their 2008 tax returns this year, especially if the following deductions are claimed:
Computer software. Though small business owners once had to depreciate the costs of new software over three years, they can now fully expense new purchases during the same year,... Read more »
by Larry Slusser on April 9th, 2008
There are many benefits of being self employed. Independence, flexibility in work schedule, getting to do what you love, and enjoying some nice deductions from the IRS that lower the amount of tax you pay. Lowering your tax means increasing your income and your net cash flow so make sure you take advantage of every legal deduction you can take.
It is important to know that while seeking the help of professionals is advisable, you always want to make sure to do your own research and check for deductions on your own. Make sure that if there is any ambiguity... Read more »
by Kristine McKinley on September 19th, 2007
Most eBay sellers operate from their home. One of your biggest tax deductions for your eBay business may be your home office, so it’s important to learn what expenses you can deduct.
If your home office qualifies, you may be able to deduct part of your housing expenses on your tax return. Your home office qualifies if it is your principal place of business, and you use it regularly and exclusively for your eBay business.
To pass the ‘place of business’ test, your home office must be the principal place you conduct your business, or a place where you regularly... Read more »