The Internal Revenue Service may have delayed tax season, but that doesn’t mean business owners shouldn’t begin preparing. One of the most important things when filing is deductions, as these can save a company money.
The Internal Revenue Service may have delayed tax season, but that doesn’t mean business owners shouldn’t begin preparing. One of the most important things when filing is deductions, as these can save a company money.
Business owners who run their company from home can take advantage of certain tax deductions, according to Bankrate.com. The IRS says this must be a pace devoted to the business and nothing else, however, some experts claims a home office can be part of a room. To determine how much is deductible, business ownersneed to measure the work area and divide it by the square footage of the house, and multiply that by total home-related business expenses, such as mortgage, insurance and electricity.
Auto
If a person’s business requires them to travel via car, some of these expenses can be deducted on a tax return, according to NOLO. There are two methods for claiming auto expenses:
Actual expense method: Business owners keep track of and deduct the actual business-related costs
Standard mileage rate method: A certain amount of money is deducted for each mile driven, plus any other tolls and parking fees
Interest
Many business owners use credit to finance purchases. In this case, the interest and carrying charges on the cards is fully tax-deductible. This deduction is limited to credit cards, as business owners can also deduct interest on a personal loan that was used to cover business expenses. However, it is important that records are kept to prove that these funds were used for company-related expenses, or else it may not be deductible.
Non-disclosure agreements (NDAs) remain a critical tool for protecting sensitive business information. However, New York NDA requirements have evolved, and businesses must ensure these agreements are carefully drafted to remain enforceable. In a competitive market like New York City, NDAs are commonly used to protect proprietary information, client relationships, and strategic plans. At the same […]
How Courts Evaluate Testamentary Capacity and Undue Influence Will contests in New Jersey are difficult to win, given the strong presumption that a properly executed will reflects the testator’s intent. However, challenges based on lack of testamentary capacity and undue influence remain common, particularly where there are concerns about mental capacity or the involvement of […]
Bringing on outside investors can provide the capital and strategic support a business needs to grow. However, raising capital also introduces important legal, financial, and operational considerations. Before bringing on investors, businesses should address key legal issues to reduce risk, streamline investor due diligence, and position the company for long-term success. Early preparation signals that […]
How the Updated Law Shapes Retirement and Estate Planning The SECURE 2.0 Act of 2022 materially reshapes the required minimum distribution (RMD) landscape, extending tax deferral opportunities while accelerating distribution requirements for many beneficiaries. For high-net-worth individuals and families, these changes are not merely technical. They require a reassessment of retirement income strategies, beneficiary planning, […]
Buying Commercial Property in New Jersey: Legal Guide for Small Businesses
Small businesses considering buying commercial property in New Jersey must evaluate a range of legal, financial, and operational factors. While ownership can offer long-term value and control, it also introduces significant risks if not properly structured. This guide outlines key considerations to help New Jersey business owners make informed decisions, minimize legal exposure, and successfully […]
The SEC’s Latest Guidance on Applying Federal Securities Laws to Tokenized Securities
On January 28, 2026, staff of the U.S. Securities and Exchange Commission’s Divisions of Corporation Finance, Investment Management, and Trading and Markets issued a joint statement clarifying how existing federal securities laws apply to tokenized securities. The SEC’s “Statement on Tokenized Securities” does not establish new law, but it does provide greater clarity on the […]
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