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business expenses

audits bookkeeping IRS personal taxes small business US Tax Forms

What to Know About Claiming US Home-Office Expense as a Tax Deduction

June 1, 2016

Often taxpayers using a portion of their house, garage, or basement as a home-office are advised to claim a business expense tax deduction for the space used as office. However, it is always advisable to take into consideration a future sale scenario of the house as depreciation and re-capture rules may apply. Also, a common misconception is...

corporate IRS small business US Tax Forms

How IRS Deals with Business Expenses

June 2, 2015

With the availability of the internet and e-commerce, it has become far easier for individuals to start their own business. Starting a business is a big decision. Along with dealing with competition and day-to-day management, every business must comply with various tax laws and reporting requirements. One has to be up-to-date with their tax returns and...