article thumbnail

Drive Down Your Business Taxes with Local Transportation Cost Deductions

RogerRossmeisl

Understanding how to deduct transportation costs could significantly reduce the tax burden on your small business. You and your employees likely incur various local transportation expenses each year, and they have tax implications. It refers to travel when you arent away from your tax home long enough to require sleep or rest.

article thumbnail

From Flights to Meals: A Guide to Business Travel Tax Deductions

RogerRossmeisl

As a business owner, you may travel to visit customers, attend conferences, check on vendors and for other purposes. Understanding which travel expenses are tax deductible can significantly affect your bottom line. Properly managing travel costs can help ensure compliance and maximize your tax savings.

Tax 246
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Self-Employment Tax: A Refresher on How it Works

RogerRossmeisl

If you own a growing, unincorporated small business, you may be concerned about high self-employment (SE) tax bills. The SE tax is how Social Security and Medicare taxes are collected from self-employed individuals like you. SE tax basics The maximum 15.3% rate for the Social Security tax component plus the 2.9%

Tax 261
article thumbnail

What’s the Best Accounting Method Route for Business Tax Purposes?

RogerRossmeisl

Many businesses have a choice of which method to use for tax purposes. The cash method often provides significant tax benefits for eligible businesses, though some may be better off using the accrual method. Some businesses may also be eligible to use various hybrid approaches.)

article thumbnail

Understanding the Work Opportunity Tax Credit

RogerRossmeisl

With todays hiring challenges, business owners should be aware that the Work Opportunity Tax Credit (WOTC) is available to employers that hire workers from targeted groups who face significant barriers to employment. The post Understanding the Work Opportunity Tax Credit appeared first on Roger Rossmeisl, CPA.

Tax 213
article thumbnail

IRS to Host Virtual Focus Groups on the Business Tax Account Online Tool

CPA Practice

If you’re a business owner or a tax professional who represents one, the IRS wants to hear from you. 22 that it’s conducting virtual focus groups starting in December to gather feedback on the business tax account (BTA) online self-service tool. “We The agency said in an email on Nov.

article thumbnail

Xero and Tallyfor Integrate to Streamline Business Tax Preparation

CPA Practice

To enable accounting partners to experience these powerful benefits firsthand, Xero is offering 12 months of complimentary access to Tallyfors tax workflow tool.