Business owners who look at the Internal Revenue Code for a list of deductible business expenses may be surprised to find that there isn’t a list of specific deductions. For example, the tax law doesn’t explicitly state that a business can deduct office supplies and...

This brief article highlights how businesses may be able to secure bad debt deductions. This tax treatment isn’t automatic. A business must be able to show that the debt in question is worthless. The article explains the ins and outs of claiming a business bad...

Working from home has become the norm for many people in recent years. Now they might be wondering if they can claim the home office deduction for 2022. The short answer is: Only those who are self-employed can claim it. This article delves deeper into...

Many people have found themselves working from home during the COVID-19 pandemic and wondering, “Can I claim the home office deduction for 2020?” The short answer is: Only if you’re self-employed. This article delves deeper into the other rules involved....