The mileage deduction is one of the largest tax savings you can get if you use a personal car for business purposes. But, there are various vehicle-related deductions for the self-employed. Let’s go over the parking deduction and see how it can impact your tax bill.
As a small business owner or independent contractor, you face an interesting question: What should you pay yourself? In this post, we’ll go over some of the factors you should consider when deciding on what your business owner salary should be.
Tax preparation fees paid to people or for computer resources can add another financial burden, particularly if you’re paying the quarterly self-employment tax. Are these tax preparation fees deductible? Read on to learn about how deducting tax preparation expenses can help offset these common fees.
Q. I bought a $40,000 car that I used 100% for business. If I use the standard mileage deduction, can I still take a Section 179 depreciation tax deduction? If I don’t take a standard mileage deduction, is it mandatory that I use Section 179?