Education

Are Pencils Tax Deductible?

Even in this electronic age, we still use pencils. Sure, artists who sketch with them (supplies) and accountants who chew on them (meals and entertainment?) probably make up the bulk of demand, and let's not forget those scantron tests students take with good old Number 2, but we all have a few lying around [...]

Posted by: Paul O'Brien, February 22, 2010

Is Graphic Design Tax Deductible?

So you've hired a designer to work on your website or perhaps create a new log for your business and you want to know if the cost is deductible. Good news! It is.

Posted by: Paul O'Brien,

Are Computer Backups with Services like Carbonite Tax Deductible?

Let's assume here that you are not blowing things up. If your business is demolitions (or chasing roadrunners), then carbonite will probably be "inventory." Having a great deal of it might lessen your chances of having an IRS auditor visit you, but you might find Homeland Security taking an interest.

Posted by: Lisa Shaw, February 21, 2010

Are Bridgestone Tires Tax Deductible?

You use your vehicle for business-related purposes such as sales calls, transporting the children or elderly you care for, or delivering Avon products; you live in an area with a snowy winter (which in 2009/2010 seems to be most anywhere). Your vehicle needs to be road-worthy for the driving conditions, and your mechanic or mother [...]

Posted by: Lisa Shaw, February 20, 2010

Help! I Don’t Know Where to Expense My Business Cards!

Business owners get stressed over where to properly categorize expenses, when most of the time it does not matter.

Posted by: Wray Rives, February 11, 2010

Schedule C

You use Schedule C (Form 1040) to report income or loss from a business you operated or a profession you practiced as a sole proprietor. An activity qualifies as a business if your primary purpose for engaging in the activity is for income or profit and you are involved in the activity with continuity and [...]

Posted by: Wray Rives,

All the Form 1099 Federal Tax Deadlines You Need to Know for Calendar Year 2010

The deadlines for sending 1099’s to contractors and the IRS can get a little confusing. Use this post to mark your calendars and never worry about 1099 deadlines again! And, of course, never forget that Outright has you covered when it comes to collecting form W-9 from contractors and filing your 1099’s on time.
February 1, [...]

Posted by: Jennifer Escalona, February 5, 2010

Comments: 0

Common 1099 Mistakes – Frequently Asked Questions

1099’s were due to contractors on February 1st and are due to the IRS by March 1st when paper filing and March 31st when e-filing. We’ve mined our team of experts at the Outright Community to find the most common 1099-related mistakes and how you can prevent them. (Or, oops, rectify them!)
It’s February 3rd. What [...]

Posted by: Jennifer Escalona, February 3, 2010

Who Can be a Dependent?

You might be surprised the lengths that the IRS has gone to in order to define what a dependent is.  Most of the varied rules have been adopted, because some taxpayer somewhere tried to claim a dependent that the service decided was not appropriate.  While they don’t list the specific facts that gave rise to [...]

Posted by: Wray Rives, January 20, 2010

Five Facts about the Home Office Deduction

With technology making it easier than ever for people to operate a business out of their house, many taxpayers, entrepreneurs and small business people may be able to take a home office deduction when filing their 2009 federal tax return next year.
Here are five important things the IRS wants you to know about claiming the [...]

Posted by: John Berger, January 3, 2010