Vlad Rusz is a CPA at Centaur Digital Corp , helping busy business owners efficiently manage their accounting system. getty Bianca started her massage therapy business three years ago after getting her license. She began by offering in-home services to the local area. However, as more referrals poured in, her business gradually grew to encompass larger geographic areas. She decided to pass the travel costs to her clients, but she recently realized she is now paying income tax on her travel costs because she didn’t deduct her travel expenses. (Income is taxed, so if you charge clients for travel expenses instead of deducting those travel expenses, you are in effect paying income tax on your travel expenses.) Like many business owners, Bianca didn’t know how to properly track and deduct her automobile on her tax return. The IRS gives business owners two options for accounting and deducting vehicle-related expenses. You must know which method will be most beneficial and how to accurately track the deductions. The following cover three steps for effective mileage deduction for business owners, plus two common pitfalls and a bonus tax strategy. 1. Track mileage and expenses. The first step in deducting the business use […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
