TaxAudit Blog

Category: Is it Deductible?

speedometer

In 2019 self-employed taxpayers can deduct their car expenses at the standard rate of 54.5 cents per mile driven for business. However, most employees cannot.

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boy selling lemonade

Yes, kids may have to pay taxes. No matter a person's age, if they have income that exceed certain IRS thresholds, the income should be reported.

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four people making a business deal

When it comes to the deductibility of business expenses the answer is likely to be “Yes, No, Maybe So, or Not Now.” Here are a few examples to consider.

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Woman working from home at her desk.

As part of the tax reform laws, the home office deduction was eliminated for all tax years from 2018 through to 2025 for taxpayers who are employees.

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distressed business owner looking at paperwork

The fact is that running your own business increases your chances of being audited by the IRS or your state tax agency.

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Victory

Here is a list of some of the taxpayers who will generally benefit from the new tax law.

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Pencil on Monthly Expense Guidelines paper

There are only two months left in the year. What can I do now to avoid paying a big tax liablity on my Schedule C business next year?

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Ocean

We have been asked to build some basic boxes to be used as a stage for a company. They plan to pay us but are not placing us on their payroll as employees.

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Lake at the base of mountains

I live in Georgia but work in the oilfields of Alaska as a Form 1099-MISC contractor.  Am I allowed to deduct my airfare and hotel and meal expenses for travel?

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Rolled up receipt

If you have a dedicated credit card for your business, can you use the statement as the receipt for your business entertainment, meals, travel, etc.?

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man laying on grass relaxed

You may have heard that if you are self-employed, or you are expected to entertain clients as part of your job, you can deduct the costs of those meals...

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This blog does not provide legal, financial, accounting, or tax advice. The content on this blog is “as is” and carries no warranties. TaxAudit does not warrant or guarantee the accuracy, reliability, and completeness of the content of this blog. Content may become out of date as tax laws change. TaxAudit may, but has no obligation to monitor or respond to comments.