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We have selected the most common business expense categories identified by the IRS—such as employee wages and benefits, excise taxes, and advertising and marketing costs—since it’s impossible to cover every type of deductible business expense. Identifying every available deduction is an important part of calculating

Form 1120S includes six schedules. All S corporations (S-corps) must complete Schedules B, D, and K. The other three—Schedules L, M-1, and M-2—depend on whether the corporation has more than $250,000 in income and assets. If you’re ready to fill out the form, you can

If you’re a sole proprietor, freelancer, or independent contractor, then you’ll likely need to pay self-employment tax. Considered the equivalent of payroll taxes that W-2 employees pay, it’s due on income earned and must be paid regardless of whether you receive a 1099-MISC for your

Bonus depreciation is an immediate tax deduction that speeds up tax savings and makes an asset that you placed in service more affordable. You may also see this deduction going by the name of the special allowance, the additional first-year deduction, or IRC §168 (k)