New businesses can deduct up to $5,000 in start-up costs and another $5,000 in organizational costs as business expenses in the year the business begins operating starting in 2024. Total start-up ...

However, since 2018, most taxpayers can no longer claim unreimbursed business expenses unless they fall into these specific categories. Article Sources.

That means you can deduct all of the expenses that any other small business owner is allowed to. Unlike deductions mentioned above for W-2 employees, these deductions are claimed on your business ...

Deducting vehicle expenses is essential for reducing taxable income when running a business. The actual expenses method allows businesses to deduct the actual costs incurred for vehicle use, such ...

Prior to the TCJA, employees and contractors could claim business-related expenses. As of 2017, employees can no longer write off expenses, even if the expenses are related to their work and are ...

The home office deduction could save remote workers thousands—but only if you know which tax rules apply to your situation.

While deducting mileage can save tax dollars, think twice before claiming travel time you can't document. If you're audited , the IRS will want to see a log that includes dates, destinations and ...