SEYMOUR & PERRY, LLC | BLOG

If you own an accrual-based business, you may be eligible to claim a bad debt expense deduction for accounts receivable that become partially or totally worthless during the tax year. The term “bad debt” refers to an outstanding balance that is no longer considered recoverable. If a client or customer owes you money that you have been unable to collect, it is considered a bad debt. Bad debts may also result from loans to suppliers, employees, or distributors.

Did you know that you may be able to deduct rent as a business expense? Read on for more information.

In addition to other types of expenses, certain federal, state, local, and foreign taxes also qualify as deductible business expenses. Which taxes can I deduct as business expenses? When can I deduct taxes as a business expense?

As a business owner, you have likely found that offering various employment incentives helps to attract and retain high-quality employees. Offering an employer-sponsored retirement plan is a popular incentive among many employers, with tax benefits to boot. You may choose to offer either a defined benefit plan (also known as a pension plan) or a defined contribution plan. Defined benefit plans, more commonly known as pension plans, promise a specified monetary amount upon an

One of the most vital elements of running a business is keeping track of expenses and revenue; if you currently own a business or are interested in doing so in the future, it’s important to use a method of accounting that best suits your business needs. There are two main methods of accounting: the accrual method and the cash basis method. Let’s explore the differences between the two. The main difference between these two accounting methods is the timing of when expenses

If you run your own business, you may be able to claim a 100% tax deduction for the salaries, wages, commissions, and bonuses paid to your employees during the year. Employers are generally able to deduct employee pay as a business expense if the pay meets the following requirements: [...]

Business interest expense includes interest paid on a loan used for business purposes. Deducting this interest reduces the cost of borrowing funds for your business. Interest paid on personal loans is not tax deductible; if a loan was used for both business and personal purposes, you may only deduct the interest paid on the portion of the loan used for your business. Business owners generally may deduct some or all interest paid or accrued during the tax year on business-r

If you are self-employed, you may be eligible to deduct certain insurance premiums on your tax return. Business owners can generally deduct premiums paid for the following types of insurance: [..]

If you're a small business owner, you know how important it is to take advantage of as many deductions as possible. One oft-overlooked [...]

Have you heard of the home office deduction? If you are self-employed and use part of your home for business purposes, you may be able to deduct a portion of your expenses associated with working from home. This tax break is available to eligible small business owners and freelancers, regardless of whether your rent or own your home.

Are you a small business owner or freelancer? You may be surprised by how many of your business expenses are considered tax-deductible. As you get ready to file your 2020 tax return, you’ll want to take advantage of every deduction available to you. Over the coming weeks, we will be breaking down tax-deductible business expenses in a multi-part blog series. Welcome to Part I: Transportation, Travel, & Meals.