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Key Insights into Depreciation

by Tiffany Mellow | Jun 5, 2024 | Bookkeeping, Business Tax Deductions, Business Taxes, Non-Profit Taxes

Here are some crucial insights into depreciation, particularly regarding business or rental assets. When Does Depreciation Start? Technically, depreciation begins not when you use an asset but when it’s ready and available for its intended purpose. For instance: A...
Employees’ Business Expenses Must be Documented

Employees’ Business Expenses Must be Documented

by Tiffany Mellow | Feb 21, 2018 | Business Tax Deductions, Business Taxes, Personal Tax Deductions, Personal Taxes

A deduction is available for money an employee spends to perform their duties in the course of their employment if they are unreimbursed by their employer. This includes mileage, licenses, union dues, education and out of pocket expenses. The expenses must be incurred...

Deducting Vehicle Mileage

by allsaints | Oct 16, 2016 | Business Tax Deductions, Business Taxes, Your Questions Answered - Business Accounting

QUESTION: Dear Taxman –  I use my car in my business occasionally. I have paid for all my gas with my debit card so I have a record of how much gas I purchase.  Is there anything else I need to do to deduct my auto through my business? ANSWER: Dear Reader...
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