Taxes

The list below includes the most common business expense categories that a small business may encounter; it’s not an exhaustive list. In general, you may deduct expenses that are ordinary and necessary for your business. The IRS website defines “ordinary” as something common for your

Bonus depreciation is a form of accelerated depreciation that offers an immediate tax deduction, speeds up tax savings, and makes an asset that you placed in service more affordable.

Form 1120S is required annually of every S corporation (S-corp). The return includes a combination of financial information and questions the IRS will use to determine potential tax liabilities. We’ll cover how to enter the financial information and do an in-depth dive into the questions

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, self-employment tax is due on income earned and must be paid regardless of whether you receive a 1099-MISC