Deductions Archives - Crawford Ellenbogen

Feb 3, 2022

Entrepreneurs and taxes: How expenses are claimed on tax returns

By Victor Dozzi
Business
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While some businesses have closed since the start of the COVID-19 crisis, many new ventures have launched. Entrepreneurs have cited a number of reasons why they decided to start a business in the midst of a pandemic. For example, they had more time, wanted to take advantage of new opportunities or they needed money due

Jun 30, 2021

Traveling for business again? What can you deduct?

By Victor Dozzi
Business, Deductions
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As we continue to come out of the COVID-19 pandemic, you may be traveling again for business. Under tax law, there are a number of rules for deducting the cost of your out-of-town business travel within the United States. These rules apply if the business conducted out of town reasonably requires an overnight stay. Note

Jul 7, 2020

Good records are the key to tax deductions and trouble-free IRS audits

By Joan Ellenbogen
Business
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If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full amount of the tax deductions to which you’re entitled. And you want to make sure you

Feb 19, 2020

Do you want to go into business for yourself?

By Ellenbogen
Business
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Oct 2, 2019

The chances of an IRS audit are low, but business owners should be prepared

By Ellenbogen
Business, Taxes
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As a business owner, are you worried about an IRS audit? The good news is that the odds against being audited are in your favor. The IRS audited 0.6% of individuals in fiscal year 2018. Businesses and high-income people are more likely to be audited, but audit rates are historically low. However, some tax return