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If you operate your business as a pass-through entity, such as a proprietorship, partnership, or S corporation, the profits of that business can generate the Section 199A tax deduction. No-Problem Businesses You qualify for the Section 199A deduction—period, regardless...
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Do you claim your business miles at the IRS optional rate? If so, imagine you are now being audited by the IRS for your business mileage. The IRS has requested odometer readings for your vehicle. You might wonder if the IRS can do this. The answer is yes. The tax code says t...
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If you operate your business as a sole proprietorship, there are many strategies to reduce your taxes.Let’s start with the following 10:Use the Section 105 plan to make your health insurance a tax-favored business deduction on your Schedule C.Employ your under-age-18 child...
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