Tax deductions are your friend There's a lot of complicated and conflicted information out there. Between the IRS website and the sites with a bunch of ads, it is so difficult to understand what it is that a sole proprietor needs to do to understand the tax implications of running their business.That's why we decided to create this guide - no ads, no fluff, or technical terms just straight to the point information that is
Small Business Tax Deductions Explained Tired of doing your own books? Schedule A Free Bookkeeping Consultation Now As a sole proprietor or founder of a small business, it can be difficult to navigate the waters of the IRS annual to take maximum advantage of the small business tax deductions available. Though you can and should utilize the services of tax professionals and software, it is always good to have a basic knowledge of your own.
Tax deductions every sole proprietor should know. While tax law is complicated, the benefit of utilizing tax deductions is simple. The more legitimate deductions you’re able to claim, the less tax you pay. As a sole proprietor, using a majority of their business earnings as income, these are some of the small business deductions you should know: Home Office Deduction Many sole proprietors mistakenly fear that claiming the business use of their home will instantly result in