Kristy Alballero

what business expenses can I deduct from my taxes?

Business tax deductions can have a significant impact on the amount of taxes you owe but there are a few compliance rules you must follow. According to the IRS, expenses must be “ordinary and necessary” for your trade. Luckily, the IRS considers many expense categories ordinary and necessary, let’s break them down.    What types …

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Self-Employed: Are you claiming all of your expenses?

If you are a freelancer, sole proprietorship, Uber driver, contractor, subcontractor, you work for yourself, receive a 1099-MISC, you get the idea, and you have more than $5,000 in business expenses, then you will need to file Form Schedule C as part of your next tax return. Do not fret, though. We will break down the …

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Working for yourself can make taxes even more complicated

Are you putting enough money aside to pay taxes for your side gig or small business at the end of the year? If you are starting a business, you might not be thinking about taxes due at the end of the year. Postponing tax planning is a common mistake entrepreneurs and growing companies make. Taxes are there at every …

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Are you deducting the business use of your home on your tax return?

Do you use your home for your business? Do you want to claim the expenses associated with this business on your tax return? Like any corporation, you can claim a deduction for the use of space used for business, even if it’s in your home. If you are a bookkeeper, hairstylist, graphic designer, massage therapist, virtual …

Are you deducting the business use of your home on your tax return? Read More »

7 Things You Need to Know About the R&D Credit for Your Startup

Tax time is here! As a taxpayer, both for your personal finances and for your business, you probably want to take advantage of every credit and incentive possible. There are lots of incentives for larger firms that are well-known, so as a smaller startup, you may think that you’re not eligible for much. But there’s …

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Understanding PPP Loan Forgiveness and Its Extension

The Paycheck Protection Program (PPP) has incentivized businesses to keep employees on their payrolls, thus making a substantial, positive impact on the economy throughout the downturn that the coronavirus pandemic has initiated. This is a groundbreaking program, and for entrepreneurs everywhere, it has represented an incomparable lifeline, enabling them to hold on to a sense …

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