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.
Scarinci Hollenbeck Expands NYC Real Estate and Litigation Practices ADDING four litigators
NYC Real Estate and Litigation Attorney Ryan O. Miller and Team Join Scarinci Hollenbeck, LLC New York City, NY – August 13, 2025 – Scarinci Hollenbeck, LLC has strengthened its Real Estate and Litigation practices with the addition of four New York City-based attorneys. Ryan Miller, who joins as a partner, is well known for […]
Business law plays a critical role in nearly every aspect of running a successful enterprise, from negotiating a commercial lease to drafting employee policies to fulfilling corporate disclosure obligations. Understanding what is business law and your legal obligations can help your business run smoothly and build productive relationships with clients, business partners, regulators, and others. […]
Corporate Transactions: Best Practices for Successful Deals
Corporate transactions can have significant implications for a corporation and its stakeholders. For deals to be successful, companies must act strategically to maximize value and minimize risk. It is also important to fully understand the legal and financial ramifications of corporate transactions, both in the near and long term. Understanding Corporate Transactions The term “corporate […]
How to Conduct a Fair and Legal Employee Termination in 2025
Ongoing economic uncertainty is forcing many companies to make tough decisions, which includes lowering staff levels. The legal landscape on both the state and federal level also continues to evolve, especially with significant changes to the priorities of the Equal Employment Opportunity Commission (“EEOC”) under the Trump Administration. Terminating an employee is one of the […]
Admin Dissolution for Annual Report: What You Need to Know
While filing annual reports may seem like a nuisance, failing to do so can have significant ramifications. These include fines, reputational harm, and interruption of your business operations. In basic terms, “admin dissolution for annual report” means that a company is dissolved by the government. This happens because it failed to submit its annual report […]
Antitrust laws are designed to ensure that businesses compete fairly. There are three federal antitrust laws that businesses must navigate. These include the Sherman Act, the Federal Trade Commission Act, and the Clayton Act. States also have their own antitrust regimes. These may vary from federal regulations. Understanding antitrust litigation helps businesses navigate these complex […]
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