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Small Business Tax Deductions: Pay Less in Taxes with Business Deductions in 2020

LyfeAccounting

Education costs. Education costs are fully deductible when they add value to your business and increase your expertise. …are all common business education expenses. When you purchase business assets such as equipment, deprecation can be deducted from your income. Salaries and benefits. Depreciation.

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Tax Benefits of S-Corporation: How Does a S-Corp Save Taxes?

LyfeAccounting

Also, the information in this post is solely for educational purposes only. You’ll want to consult with a CPA , or your tax and legal advisor regarding your specific business. 4 Tax Benefits of S-Corps. States such as New Hampshire, Tennessee, and Texas ignore S-corporation status and tax them as C-corporations.

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IRS Audit Red Flags & Triggers: How the IRS Catches You

LyfeAccounting

Note that this post is for educational purposes and you should contact your attorney or legal professional for specific advice for your situation. And if you want to ensure your taxes are being prepared and filed accurately, you can reach out to one of our tax consultants. And, the IRS loves catching them.

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