When Partners Pay Expenses Related to the Business By: David M. Reape It’s not unusual for a partner to incur expenses related to the partnership’s business. This is especially likely to occur in service partnerships such as an architecture or law firm. […]
Corporate Officers or Shareholders: How Should You Treat Expenses Paid Personally? By: David M. Reape If you play a major role in a closely held corporation, you may sometimes spend money on corporate expenses personally. These costs may end up being nondeductible both by an […]
Starting a Business? How Expenses Will Be Treated on Your Tax Return By: David M. Reape Government officials saw a large increase in the number of new businesses launched during the COVID-19 pandemic. And the U.S. Census Bureau reports that business applications are still increasing slightly […]
How start-up expenses are handled on your tax return By: David M. Reape Entrepreneurs often don’t know that many of the start-up expenses incurred can’t be currently deducted. You should be aware that the way you handle some of your initial expenses can […]
What type of expenses can’t be written off by your business? By: David M. Reape If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. It doesn’t explicitly state […]