Seacoast Accountability’s Small Business Tax Tip-The Home Office Deduction

Complete information for taking the Home Office Deduction can be found in IRS Publication 587. The deduction is calculated on Form 8829, which transfers to Schedule C. It should be noted that employees who receive a W-2 may also be eligible to claim a home office as an itemized deduction, however this information is not covered . . . → Read More: Seacoast Accountability’s Small Business Tax Tip-The Home Office Deduction

Seacoast Accountability’s Guide to Vehicle Expenses

The details for deducting business vehicle expenses can be found in IRS Publication 463. Using most popular tax software programs, a worksheet is used to feed the deductible cost into the Schedule C vehicle expense line. This discussion is a general overview, focused on self-employed individuals that own or have financing on a car that they . . . → Read More: Seacoast Accountability’s Guide to Vehicle Expenses

No More “Instant” Tax Refunds

UPDATE:  The IRS will still provide the “debt indicator” described below, however the information will not be as instantaneously provided as in the past, forcing many small tax preparers out of business who had previously relied on the information to provide Instant Refunds to their clients.  In December, 2010, Jackson Hewitt secured a relationship with Republic . . . → Read More: No More “Instant” Tax Refunds