Tim Yoder, Ph.D., CPA

The IRS considers deductible travel expenses to be any ordinary and necessary expenses you incur while traveling away from home on business. To get tax deductions for travel expenses, the trip must have a business purpose and be temporary (less than one year) and you must be away from your tax home for a length…

Calculating business income for tax purposes starts with accurate bookkeeping throughout the year to have a reliable income statement. Once you have your income statement, you need to do an extensive search for other sources of income, unclaimed tax deductions, and potential tax credits that can offset your tax. It’s a lot of work, but…

Generally, limited liability company (LLC) taxes are reported as a sole proprietor on Form 1040 Schedule C if there is only one owner or on Form 1065 as a partnership if there are multiple owners. Sole proprietors and partnerships are flow-through entities, so the income is taxed on the owner’s tax return. However, it may…

Accounting is a $133 billion industry in the United States. In addition to providing great career opportunities, accounting firms provide small businesses with much-needed support, such as financial audits and tax compliance services. They also stepped up in a major way during the COVID-19 pandemic, with almost 80% of firms providing COVID-19-related consulting services. To…

It’s essential to maintain accurate books for your farm to ensure that your business is as profitable as possible and you get every tax deduction available. In this article, we present ten key farm bookkeeping tips to help your farm. 1. Know What Expenses You Can and Can’t Deduct To make the most of your…