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TAX BREAKS

Are Vehicle Start-up Costs Tax Deductible for a New Corporation?

By The BIDaWIZ Team on June 28th, 2010 at 8:00 am
Before we tackle the tax deduction question, there are a few things to keep in mind. .
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TAX BREAKS

Can I Return the Capital I Invested in a LLC Tax-Free?

By The BIDaWIZ Team on May 28th, 2010 at 8:00 am

Before we answer your question, keep in mind that as a single member LLC you can be classified as either a disregarded entity (i.e. sole proprietor) or corporation for tax purposes BUT legally maintain LLC status. Read More.

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TAX BREAKS

Are Energy-Efficient Windows a Tax Credit for Businesses?

By The BIDaWIZ Team on May 25th, 2010 at 9:00 am

It is smart to be proactive and replace your windows to save on those energy costs. However, the government does not have a specific energy tax credit for businesses that replace their windows for more energy-efficient ones, as you may be planning. On the positive side, you will likely save on your energy bill which energy star estimates could be as much as 10% a yr! Read More.

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TAX BREAKS

Is Potential Lost Rental Income Tax Deductible?

By The BIDaWIZ Team on May 7th, 2010 at 8:30 am
This is an interesting tax question and one that small business owners frequently ask. Unfortunately, you cannot claim a tax deduction for the potential lost rental income or what can best be characterized as an opportunity cost. Similarly, the IRS states in the Internal Revenue Code that lost rental income while a property is vacant is not tax deductible. So, it is just an opportunity cost in economic terms but that is about it. .
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TAX BREAKS

Overlooked Tax Deductions & Credits For Trainers & Gyms

By The BIDaWIZ Team on January 26th, 2010 at 8:00 am
As a self employed personal trainer or fitness gym owner, managing the business can get quite overwhelming especially when you throw taxes in the mix. Below, we've provided a listing of some tax deductions & credits that are often overlooked. .
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TAX BREAKS

Reporting Net Operating Losses For Your Business

By The BIDaWIZ Team on December 29th, 2009 at 8:00 am
This is a common question that can get complicated with all the rules and new laws. But, the good news is that you will likely have a net operating loss (NOL) if your business tax deductions for the year are greater than income which means lower taxable income in preceding or future years. .
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TAX BREAKS

Tax Deductions For A Home Business

By The BIDaWIZ Team on September 15th, 2009 at 9:00 am
In recent years there has been an increased number of freelancers managing their business from home. While this trend has taken place, there has been a lack of credible tax advice available to these business owners. .
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TAX BREAKS

Tax Credits Available For Businesses Hiring in Certain Groups

By The BIDaWIZ Team on September 15th, 2009 at 8:00 am

As the tax season nears and business conditions begin to improve, now may be the time to benefit from the tax credits offered to those hiring individuals from certain groups. Below, we take a look at these credits. Read More.

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