SEYMOUR & PERRY, LLC | BLOG

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.

Whether you freelance or own a small business, being self-employed comes with a host of challenges and responsibilities, including unique tax requirements. If you are considered self-employed for tax purposes, it is up to you to accurately track and report your income and make any required tax payments. Maintaining a clear understanding of your tax responsibilities will give you peace of mind during tax season and throughout the rest of the year. [...]

When you hear the word "taxes," what comes to mind? Income taxes may take center stage in your mind's eye at the first thought of taxation, especially during tax filing season. You are probably familiar with property tax and sales tax, as well; but did you know that there is a plethora of other tax categories? Though we are certainly acutely aware of some taxes, others are levied more sparingly or are less obvious to consumers.