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Can I Write Off My Education As A Business Expense?

Posted by & filed under Can I Deduct?.

Many people refer to education as “the best investment that you’ll ever make.” There is no doubt that education has played an important role in many successful careers. Education can help guide you towards a successful career. Education can also open up some incredible networking opportunities. Education can be quite expensive, as well. If you… Read more »

Do Independent Contractors Qualify for QBI?

Posted by & filed under Self Employed & 1099 Contractors.

What is Qualified Business Income? “QBI” is short for “Qualified Business Income.” The term matters for thousands of businesses and freelancers because the 2017 Tax Cuts and Jobs Act allows non-corporate taxpayers to take a 20% deduction from their taxable business income if they qualify, which begs the question; do independent contractors qualify for qbi?… Read more »

Can Businesses Deduct Donated Services?

Posted by & filed under Can I Deduct?.

  Savvy business owners know that every expense should be meticulously tracked so each payment can be properly accounted for at tax time. Virtually every dollar of expenditures can be used to offset your income, which decreases your company’s income tax obligations. Ensuring you are properly tracking costs will help you take full advantage of… Read more »

Can Independent Contractors Take the Qualified Business Income Deduction?

Posted by & filed under Can I Deduct?, Self Employed & 1099 Contractors, Taxes.

After the Tax Cuts and Jobs Act was passed in 2017, business owners saw major changes to the way that they will be taxed moving forward. For instance, corporations’ tax rate that had previously been 35% for larger filers dropped down to 21%. Given such a large drop in tax liability that would yield millions… Read more »

Home Office Tax Deductions for Remote Workers

Posted by & filed under Can I Deduct?, Taxes.

As the global pandemic spread across the world earlier this year, millions of Americans started working from home in order to minimize their exposure to the deadly virus. Doing so has resulted in a lot of individuals slowly shifting from being employees to working as independent contractors who receive 1099 income. So, in terms of… Read more »

Can I Deduct Rental Losses?

Posted by & filed under Taxes.

Over the past five years, the rental vacancy rates in the United States have seen a consistent drop caused by the growing market and an increasing number of families choosing to rent instead of own their home. In 2019, for example, Statista reports that none of the U.S. regions had more than roughly 8.2% of… Read more »