It’s a challenging time for many businesses. Therefore, any help you can get, such as tax incentives and sales tax exemptions, can make a big difference. Unfortunately, these benefits often go unclaimed because businesses don’t know about them or erroneously think they’re ineligible.

Are you in the process of starting a business or contemplating changing your business entity? If so, you’ll need to decide how to organize your company.

If you use part of your home for storage of inventory or product samples, you can deduct expenses for the business use of your home without meeting the exclusive use test. However, you must meet all the following tests.

Is there any way to make a gym membership deductible to the business when the sole employee is the owner?

The first problem we run into is Section 162 – which states that for something to be deductible to a business it must be both ordinary and necessary. For the vast majority of industries, a gym membership would not qualify as ordinary and necessary to running the business.

Estimated tax payments are taxes paid to the IRS to cover taxable income that is not otherwise withheld throughout the year. If you are self-employed or have outstanding taxable income, you are responsible for these payments, but what does that mean?

Congress actually put forth a useful bill concerning the IRS - one that requires the IRS to provide more information when recalculating a supposed error concerning a taxpayer’s return.