Tax Planning

Self-employed? Don’t overlook valuable tax deductions

Self-employed individuals often miss legitimate tax savings. Don’t let this happen to you. Learn the basics of claiming business expense deductions, including those for your home office, meals, vehicle and more.
June 8, 2026
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If you’re self-employed, you probably have questions about deducting business expenses on your federal income tax return. Here’s a quick overview of the filing requirements for sole proprietors and independent contractors, and five examples of expense deductions that are commonly overlooked or misunderstood. Filing basics Sole proprietors and independent contractors must report their business activity […]
#SelfEmployed, #SmallBusinessTaxes, #TaxDeductions
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Tax Planning

Tax Court case provides lessons on best recordkeeping practices for businesses

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September 22, 2025
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Running a successful business requires more than delivering great products or services. Behind the scenes, meticulous recordkeeping plays a crucial role in financial health, compliance and tax savings. Good records can mean the difference between successfully defending a deduction and losing valuable tax breaks. A recent U.S. Tax Court decision underscores just how important this […]
#Recordkeeping, #TaxCourt, #TaxDeductions
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Tax Planning

DOs and DON’Ts to help protect your business expense deductions

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June 23, 2025
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If you’re claiming deductions for business meals or vehicle expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law. Tax auditors are adept at rooting […]
#BusinessExpenses, #IRSCompliance, #TaxDeductions
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