The Tax Cuts and Jobs Act (“TCJA”) has resulted in many changes in the tax laws. One little-noticed change affects trade-ins of vehicles uses for business. Let’s go over the tax changes for business vehicle trade-ins.
Old Tax Law: Tax-Deferred Exchange of Trade-In Business Car
Until 2017, you could do a tax-deferred exchange of a business vehicle. This was also called a Section 1031 exchange. With such an exchange, there would be no tax due on the sale of your trade-in. Read More
You know that a proper mileage reimbursement program can save your business time, money and boost compliance. Yet, we’ve seen many companies make mistakes with their programs. Here are some of the major mistakes your business should avoid.
Not Having A Clear Process
Nearly half of businesses with mobile employees don’t have a clear process or policy for mileage reimbursement. Some companies require a mileage log, while some really want one but still pay out reimbursements anyways because they don’t want to upset workers. Read More
One of the great things about being self-employed is that no income tax is withheld from your compensation. But you still have to pay taxes on that income and sometimes, your 1099 tax forms will have mistakes. Here’s how to deal with 1099-Misc problems.
Why is a 1099-MISC is Necessary?
The IRS will often still have some idea of how much money you’ve made. Your clients must complete IRS Form 1099 if they’ve paid you more than $600 over the course of the year. Read More
If you own a small business, you need to keep business records. These can include digital or hard copies. They may contain financial information and licenses. Business record retention is necessary for your annual tax filings. It’s also necessary for potential audits.
What Are Business Records?
You know saving business documents is important. Now, you need to figure out what documents to save. The term “business documents” can refer to many things, including: Read More
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The tax reform bill, officially called “The Tax Cuts and Jobs Act,” H.R. 1, was released on Nov. 2, 2017. The bill contains many provisions affecting both individuals and businesses. If you use your automobile or other vehicle for work or business purposes, read on to learn about how it could have an impact on your mileage deduction.
If you use a personal vehicle for business reasons, you can take many deductions for your car. This potentially includes the cost of gasoline. But, can you deduct gasoline and mileage on your taxes? Here’s what you should know:
How to Organize Finances for Freelancers
The best way to organize your finances as a freelancer is to become more aware of both your business expenses and your personal expenses. This means that every month you should have a month-end budget/financial statement for your business as well as one for your personal life. This will help you understand your cash flow and organize your finances.
In order to create these month-end statements, you’ll need to organize your finances using the following three steps:
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