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If you were self-employed or a small business, you probably qualify for the qualified business income (QBI) deduction. We'll automatically determine if you qualify and how large the deduction is. Here's how to find out if you qualify: Open or continu... read more
(Surprised that you're getting the QBI deduction? Here's what might be going on. ) The Qualified Business Income deduction (also called the QBI deduction, pass-through deduction, or section 199A deduction) was created by the 2017 Tax Cuts and Jobs Ac... read more
Businesses can fully deduct the cost of: Office parties and outings held for the benefit of its employees (other than highly-compensated employees) Meals and entertainment provided to employees as compensation and reported as taxable wages Meals and ... read more
For tax year 2019, the IRS automatically extended April 1, 2020 through July 14, 2020 filing and payment deadlines to July 15 in response to the coronavirus pandemic. More info If you need more time, IRS Form 7004 extends the July 15 deadline for ano... read more
If you were self-employed or a small business, you probably qualify for the qualified business income (QBI) deduction. We'll automatically determine if you qualify and how large the deduction is. Here's how to find out if you qualify: Open or continu... read more
(Surprised that you're getting the QBI deduction? Here's what might be going on. ) The Qualified Business Income deduction (also called the QBI deduction, pass-through deduction, or section 199A deduction) was created by the 2017 Tax Cuts and Jobs Ac... read more
When entering a business asset, you'll see the screen Tell Us About This Asset/Large Purchase. The option I purchased this asset new is only for a brand new asset, not just new to you or your business. If you bought the asset used or bought second-ha... read more
The IRS does. Each depreciable asset gets placed into an asset class, and each asset class has a useful life (also called a recovery period) associated with it. For example, office furniture belongs to the Office Furniture, Fixtures, and Equipment as... read more
Straight-line is a depreciation method that gives you the same deduction, year after year, over the asset's useful life. The deduction amount is simply the asset's cost basis divided by its years of useful life. On a graph, the asset's value over tim... read more
Being self-employed means you're a sole proprietor and your business is a sole proprietorship. Sole proprietorships: Are owned by one person—you don't have any partners Are unincorporated—you haven't filed any legal forms to incorporate your business... read more
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