As a self-employed professional in Atlanta, you've likely asked yourself, 'Can I deduct this as a business expense?' It's a common question, but the answer isn't as straightforward as you might hope. You might be tempted to claim every possible expense to reduce your...
When You Have Serious Tax Issues, You Need Someone Who Knows Tax Law
Business Expenses
4 of the biggest mistakes payroll bookkeepers make
When you hire a bookkeeper to take care of your payroll, you expect them to do the job properly. Unfortunately, even professionals can make payroll mistakes that have significant consequences. Payroll mistakes can be significant, as they might run afoul of tax law or...
ESTABLISHING THAT AN ACTIVITY IS FOR PROFIT
The IRS makes the presumption that an activity is a business and established to make a profit if it has made a profit in, at least, three of the prior five years. The business must be substantially the same during this time period. If a business fails to make a...
WHEN IS A HOBBY A BUSINESS?
Millions of taxpayers have hobbies. Some of these hobbies generate income for taxpayers, while others actually are legitimate business enterprises. Whether it is a true business or a hobby, taxpayers must report any income earned from hobbies. IRS rules and...
USING A HOME FOR BUSINESS, PART TWO
Taxpayers, such as attorneys, doctors, dentists, and other professionals, often use part of their homes for business concerns. Taxpayers may deduct expenses related to the business use of part of their home if certain requirements are met. Part One examined the...
USING A HOME FOR BUSINESS, PART ONE
In most circumstances, taxpayers may not deduct items related to their homes, such as real estate taxes, mortgage interest, rent, maintenance, depreciation, property insurance, or utilities as business expenses. Some taxpayers regularly use part of their homes...
IRS ISSUES GUIDANCE FOR DEDUCTIBLE MOTOR VEHICLE EXPENSES
The Internal Revenue Service recently issued Revenue Procedure 2019-46, which provides guidance for taxpayers with deductible expenses of operating a motor vehicle for business, charitable, medical, and moving expenses. This clarification was made necessary by...
IRS UPDATES PER DIEM GUIDANCE FOR BUSINESS TRAVELERS
The Internal Revenue Service (IRS) recently issued Revenue Procedure 2019-48 (Rev. Proc. 2019-48), which provides guidance for business travelers, updated to include changes resulting from the Tax Cuts and Jobs Act of 2017 (TCJA). A section of the Tax Cuts and...