How to Approach the Business Vehicle Deduction

How to Approach the Business Vehicle Deduction

Every smart business owner will use as many expense deductions as possible to reduce the tax bill at year’s end. One such write-off that is common and helpful is the business vehicle deduction. If your business requires frequent vehicle usage, then knowing when and how to use it is important because will you save a…

What You Need to Know About Tax Penalty Relief

What You Need to Know About Tax Penalty Relief

We’ve received plenty of questions from clients regarding tax penalties and, more importantly, what they can do to see some relief from them on their tax returns. Whether they are penalties that apply to individuals, entities, tax-exempt organizations, etc., today’s video is going to dive into this topic and break things down, so that if…

A Video Guide to Deducting Expenses

A Video Guide to Deducting Expenses

Every business deals with expenses; like it or not, money has to be spent in the process of earning income. However, deducting expenses from tax returns helps business owners, real estate investors, etc., minimize their tax bills. Deducting expenses can be a tricky subject to deal with every year, as laws change and the IRS…

Hobby vs Business – What’s The Difference?

Hobby vs Business – What’s The Difference?

A  subject that comes up quite often at Anderson, when helping set up entities for clients, is clarifying the difference between a hobby vs business. What exactly differentiates the two? While it may seem like a trivial matter, the IRS has very clear rules about what constitutes a hobby vs a business. These rules become…