Learn how to calculate depreciation for tax deductions using GAAP methods like straight-line and declining balance for optimal savings.

Discover how same-year tax deductions apply to capital expenditures, with insights into Section 179 deductions and the difference between CapEx and OpEx for tax purposes.

The home office tax deduction is a tax break that some self-employed people who work from home can take advantage of. Here's what you need to know.

Let’s face it — tax season can be stressful. This is especially true for self-employed individuals and small business owners searching out every self-employed tax deduction and navigating other small ...

Wondering what tax reporting might look like under the One Big Beautiful Bill Act (OBBBA)? The IRS has released drafts of some 2025 tax forms (that you’ll file in 2026), including a draft of the new ...

Businesses that take a federal income tax deduction on the purchase of equipment are allowed in some situations to carry over the deduction from one year to the next, according to the Internal Revenue ...

The IRS issued new guidance to examiners in its Large Business & International (LB&I) Division regarding how to determine which taxpayer is entitled to claim the Sec. 199 domestic production ...