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Checklist for the Self-Employed. Don’t leave money in the table. @stephensbrostaxservice #stephensbros https://www.instagram.com/p/CFSGp1iDKhN/?igshid=11vgn3rog2xj

𝟯 𝗚𝗘𝗡𝗘𝗥𝗔𝗟 𝗥𝗨𝗟𝗘𝗦 𝗧𝗢 𝗗𝗘𝗗𝗨𝗖𝗧 𝗕𝗨𝗦𝗜𝗡𝗘𝗦𝗦 𝗘𝗫𝗣𝗘𝗡𝗦𝗘𝗦 ⁣ ⁣ This information is to ensure business owners, entrepreneurs, and investors are in compliance with the 3 general rules for deducting business expenses:⁣ ⁣ 1. The expenses must be incurred during the taxable year in 𝗰𝗮𝗿𝗿𝘆𝗶𝗻𝗴 𝗼𝗻 any trade, business or profession. ⁣ ⁣ 2. The expenses must be 𝗼𝗿𝗱𝗶𝗻𝗮𝗿𝘆.⁣ ⁣ 3. The expenses must be 𝗻𝗲𝗰𝗲𝘀𝘀𝗮𝗿𝘆. ⁣ ⁣ Rule No. 1: 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗥𝗲𝗹𝗮𝘁𝗲𝗱⁣ ⁣ The expenses must be incurred in connection with your trade, business, or profession. For example: 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝘂𝘀𝗲 𝗼𝗳 𝘆𝗼𝘂𝗿 𝗵𝗼𝗺𝗲. If you use part of your home for business, you may be able to deduct expenses for the business use of your home. These expenses may include mortgage interest, insurance, utilities, repairs, and depreciation (used to reduce the value of an asset). ⁣ ⁣ Rule No. 2: 𝗢𝗿𝗱𝗶𝗻𝗮𝗿𝘆 𝗘𝘅𝗽𝗲𝗻𝘀𝗲𝘀⁣ ⁣ According to IRS publication 535. An ordinary expense is one that is common and accepted in your industry (i.e. automotive, self development coach, Tech). Some ordinary business expenses include:⁣ ⁣ • Business Travel⁣ • Home use of your home ⁣ • Meals with client⁣ • Vehicle used for business ( Actual expenses vs. Standard mileage rate)⁣ ⁣ Rule No. 3: 𝗡𝗲𝗰𝗲𝘀𝘀𝗮𝗿𝘆 𝗘𝘅𝗽𝗲𝗻𝘀𝗲𝘀 ⁣ ⁣ A necessary expense according to IRS publication 535, is one that is helpful and appropriate for your trade or business. For example: 𝗧𝗮𝘅𝗲𝘀. Any local, state, federal or foreign taxes paid that are directly attributable to a trade, business, or profession. ⁣ ⁣ 𝗡𝗼𝘁𝗲: when going into business, treat all costs you had to get your business started as 𝗰𝗮𝗽𝗶𝘁𝗮𝗹 𝗲𝘅𝗽𝗲𝗻𝘀𝗲𝘀 (assets in your business). ⁣ ⁣ #stephensbros @stephensbrostaxservice ⁣ (at Newark, New Jersey) https://www.instagram.com/p/CE8CRFMDP3H/?igshid=d0v8xqatu9pq

𝗦𝗠𝗔𝗟𝗟 𝗕𝗨𝗦𝗜𝗡𝗘𝗦𝗦 𝗧𝗔𝗫𝗣𝗔𝗬𝗘𝗥 ⁣ ⁣ You qualify as a small business taxpayer if you (a) have average annual gross receipts of $26 million or less for the 3 prior tax years and (b) are not a tax shelter (as defined in section 448(d)(3)). ⁣ ⁣ If your business has not been in existence for all of the 3 tax-year period used in figuring average gross receipts, base your average on the period it has existed, and if your business has a predecessor entity, include the gross receipts of the predecessor entity from the 3 tax-year period when figuring average gross receipts. If your business (or predecessor entity) had short taxable years for any of the 3 tax-year period, annualize your business' gross receipts for the short tax years that are part of the 3 tax-year period.⁣ ⁣ Source: @irsnews ⁣ Photo Credit: @photoshop ⁣ ⁣#smallbusinesstaxpayer #stephensbros #afrocuban #cubanbusinesses #cuban #smallbusiness (at Havana, Cuba) https://www.instagram.com/p/CBlFK8_DA8b/?igshid=1l3yf3guw3fmm

The CARES Act retroactively changed the recovery period for QIP to 15 years thus making it eligible for bonus depreciation through 2026 (100% through 2022).⁣ ⁣ ⁣ All industries that have constructed QIP can take advantage of this favorable change, but companies within the retail, restaurant and hospitality industries with significant new assets in particular should act quickly. In the immediate term, we suggest reviewing documentation related to improvements to existing commercial buildings in 2018 and 2019 to identify assets that are QIP. Cost segregation studies are essential tools in identifying eligible costs. ⁣ ⁣ ⁣ Taxpayers who constructed QIP in 2019 and who have not filed their 2019 federal income tax returns yet can treat such assets as bonus-eligible 15-year property in their 2019 federal return. The revised initial filing deadline of July 15, 2020⁣ ⁣ Taxpayers who have filed their 2019 federal income tax returns treating QIP constructed in 2019 as bonus-ineligible 39-year property and filed for extension may file a superseding 2019 return prior to the due date (including extensions) and claim bonus depreciation. ⁣ ⁣ Taxpayers who constructed QIP in 2018 and who have filed their 2018 federal income tax return treating the assets as bonus-ineligible 39-year property should consider amending those returns to treat such assets as bonus-eligible. For C corporations, in particular, claiming the bonus depreciation on an amended return can potentially generate net operating losses (NOLs) that can be carried back five years under the new NOL provisions of the CARES Act to tax years before 2018, when the tax rates were 35%, even though the carryback losses were generated in years when the tax rate was 21%. ⁣ ⁣ #Stephensbros ⁣#NOL #QIP #CARESACT #TAXRATE #realestatebroker #realestateinvesting #realestatedeveloper #newconstruction #renovation #bonus (at Safe Horizon) https://www.instagram.com/p/CAajlP3jwcd/?igshid=1qtyxgh4xiwml

To qualify for and claim the Earned Income Credit you must: @sofiamosquerarevelo Have earned income; and. Have been a U.S. citizen or resident alien for the entire tax year; and. Have a valid Social Security number (not an ITIN) for yourself, your spouse (if filing jointly), and any qualifying children on your return. #stephensbros #eitc #spanish #twxpayer #workongprofessionals #taxprofessional #businessowner #lifeofaentrepreneur #joint #married #filingstatus #refund #stephensbrostaxservice #money #cash #credit #education #wecsnhelp #accountancy #columbia #speakspanish (at USA.United States Of America) https://www.instagram.com/p/B8TYtFzlMov/?igshid=owzzax33514c

Are you filing Single this year? Comment below 👇🏾👇🏾👇🏾 @stephensbrostaxservice For tax year 2019, the top rate is 37 percent for individual single taxpayers with incomes greater than $510,300 ($612,350 for married couples filing jointly). Do you have a tax question? ☎️ text us: 908-521-4833. ......................................................... #single #singlestatus #sbts #stephensbros #table #filingstatus #smallbusiness #taxlaw #couple #individuality #entrepreneurlife #entrepreneur #entrepreneurgoals #coach #financialindependence #understand #teachersofinstagram #eachoneteachone #law #educationmatters #taxation https://www.instagram.com/p/B6qSJALlyu2/?igshid=1f466psvehgfa