Running your own business is demanding. Between managing clients, staying on top of deadlines, and keeping operations afloat, stress often becomes a silent partner. Factor in the post-COVID reality of blurred work-life boundaries, and it’s no surprise that more entrepreneurs are turning to therapy
Rent Deductibility: What Entrepreneurs Need to Know
As a startup accounting firm nestled in the heart of Seattle, we've fielded countless questions about business expenses. One of the most common? "Is my rent tax-deductible?" The short answer: It depends. Let's break down the nuanced world of rent deductions. The WeWork Scenario: Office Space
Who Can Claim A Home Office Deduction For 2022 Taxes?
A home office deduction is available to almost any business owner and is generally a deduction of up to $5,000 per year. However, the deduction does not apply if you're simply working from home during COVID. To make sure you qualify, check with your tax preparer because there are specific rules
Pets as Tax Deductible: What You Need to Know
Pets can be expensive, but some pet owners may be able to recoup some of those costs through the tax code. In many cases, pet ownership can be a personal expense for which the owner may qualify for a tax deduction. Understanding the nuances and restrictions of this deduction can help pet owners save
Can You Claim a Home Office Deduction If You Worked at Home During Covid?
No; not unless you're self-employed. Thinking about getting a tax deduction for the period you worked from home during the pandemic? Some managed to make a few more savings than usual -- especially if they previously commuted to their office or ate out. On the other hand, some things became more
Tips for Using Your IRA as a Last Minute Tax Deduction
If you have an IRA, you have a way to make a last minute tax deduction. Today, we are sharing a few tips that will allow you to use your IRA as a last minute tax deduction. Max out Your Contributions With a traditional IRA, you can make as many tax-deductible contributions as you like within your
4 Tax Deductions That Can Save You Big Bucks
Everyone knows that there are tax deductions that can help him or her save money yet everyone does not utilize them. Today, we are discussing four tax deductions that can save you big bucks this tax season. State and Local Sales Tax If you live in a state with no income tax, you should take
Three Tax Deductions You Do Not Want to Overlook
Most people just want to get their taxes filed so they can get it done and over with. However, you never want to rush through your tax return or you could be giving away your hard-earned money. Today, we are discussing some tax deductions that you do not want to overlook to try to help you keep the