Tag Archives: car
Making your living in sales can mean you rely on commissions just as much as your normal wages. At tax time, you will receive a Form W-2, Wage and Tax Statement from your employer. As a salesperson, you may be classified as a statutory employee. Generally, statutory employees have Box 13 of their W-2 checked, […]
— Read moreDo you drive a vehicle, like a school bus, semi-trailer, truck, or taxi for work? Drivers will receive Form W-2, Wage and Tax Statement, for income from wages you obtain being an employee. In the event that you received a Form W-2 and the ‘Statutory employee‘ check box in Box 13 is marked, report that […]
— Read moreTravel expenses are the ordinary and necessary expenses of traveling for your company, profession or job. Typically, employees deduct these expenses by using Form 2106, Employee Business Expenses, or Form 2106-EZ Unreimbursed Employee Business Expenses, and Form 1040, Schedule A, Itemized Deductions. You can’t deduct expenses that are unordinary or excessive or those that are […]
— Read moreIf you chose to entertain customers, employees or other areas of your business, you may be able to deduct certain expenses that are deemed ordinary and necessary for carrying on business. These expenses may be deductible if they are either directly related or associated with the business. You must have proof that the expense relates […]
— Read moreIt’s that time to start considering your tax deductions. If you own a real estate business, just about everything you purchase can be a tax deduction, provided it is necessary to the business and the cost is reasonable. Deductions are a great way to save your business some hard earned profits. A $900 computer purchased […]
— Read more
