By definition, business expenses are the cost of carrying on a trade or business. They are usually deductible if your business operates to make a profit. According to the IRS, in order to be a deductible business expense, it must be both “ordinary and necessary.” An ordinary expense is one that is common and accepted […]
Read MoreWhen you take the time to learn more about how it works, you may be able to put the tax code to work for you. A good place to start is with two important tax concepts: credits and deductions.² Credits As tax credits are usually subtracted dollar for dollar from the actual tax liability, they […]
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Hiring your first employee can be an exciting (and terrifying) prospect. It’s almost always a sign of good news – hiring someone usually means that you’re on the right track and your business is growing. But if you’re not careful as you take on your first employee, it can also mean a big headache! Following […]
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Every year the holidays come and go. After all is said and done, when the New Year has been rung in and the dust begins to settle, a less cheerful time of year comes along. Not many people like to talk about tax season – it can be a stressful, painstaking process to get a […]
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Another year has come and gone in the blink of an eye. Now is the time, as the dust begins to settle amidst a busy holiday season, to make sure that you’ve checked off the important items on your end of year to-do list. Here are a few important items not to be forgotten as […]
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