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20 Small Business Tax Deductions You Need to Know

xendoo

Many small business owners miss out on tax savings simply because they aren’t aware of what tax deductions are available. As professional accountants, we know all the small business tax deductions that can save you money, and we’re sharing them in this tax deductions checklist. . Business insurance .

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Small Business Tax Deductions Checklist: All You Need to Know About Tax Deductions

Snyder

In this article, you’ll learn what tax deductions are, which expenses are deductible, and how to minimize the risks of the IRS tax audit. What exactly are tax deductions? How to claim small business tax deductions 2. 12 tax deductions that apply to small businesses 3. What is a 100% tax deduction?

Tax 98
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State CPA Society News & Updates – June 2023

CPA Practice

At Mazars, she specializes in accounting and auditing for transportation and logistics. At WilkinGuttenplan, she focuses on the real estate industry and high-net-worth individuals. Best Individual Tax Update 2023 , which takes place December 14 from 8:00 AM – 3:45 PM. Those interested can register here.

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Using an Income Tax Preparation Service: Is It Worth the Cost?

MyIRSRelief

There are several taxpayers that may need EA CPA help with complex tax preparation, including: Business Owners: Business owners often have to navigate complex tax laws and regulations, including filing business taxes, payroll taxes, and sales taxes.

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Nurturing Biotech Companies in New York

Shay CPA

Businesses participating in START-UP NY can enjoy several tax credits, including the Business Tax-Free NY Area Elimination Credit, which eliminates franchise tax and personal income tax calculated by the business when filing its tax return.

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What is considered a tax write-off for your small business?

Basis 365

Entertainment If you're attending a business conference, traveling for business, or entertaining a client, you can use a meal as a business tax write-off. This write-off allows 100% deduction of business-related meals, as long as the meal or a restaurant provides the beverage. Be sure to keep your receipts.

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2022 Federal Budget Highlights

DMCL

New taxation rule on ‘flipping’ of residential real estate. The budget introduces a new rule that deems profits from the “flipping” of residential real estate to be business income that is fully taxed and not eligible for the principal residence exemption. Effective January 1, 2023.