The Internal Revenue Service may have delayed tax season, but that doesn’t mean business owners shouldn’t begin preparing. One of the most important things when filing is deductions, as these can save a company money.
The Internal Revenue Service may have delayed tax season, but that doesn’t mean business owners shouldn’t begin preparing. One of the most important things when filing is deductions, as these can save a company money.
Business owners who run their company from home can take advantage of certain tax deductions, according to Bankrate.com. The IRS says this must be a pace devoted to the business and nothing else, however, some experts claims a home office can be part of a room. To determine how much is deductible, business ownersneed to measure the work area and divide it by the square footage of the house, and multiply that by total home-related business expenses, such as mortgage, insurance and electricity.
Auto
If a person’s business requires them to travel via car, some of these expenses can be deducted on a tax return, according to NOLO. There are two methods for claiming auto expenses:
Actual expense method: Business owners keep track of and deduct the actual business-related costs
Standard mileage rate method: A certain amount of money is deducted for each mile driven, plus any other tolls and parking fees
Interest
Many business owners use credit to finance purchases. In this case, the interest and carrying charges on the cards is fully tax-deductible. This deduction is limited to credit cards, as business owners can also deduct interest on a personal loan that was used to cover business expenses. However, it is important that records are kept to prove that these funds were used for company-related expenses, or else it may not be deductible.
One Big Beautiful Bill: New Tip Income Tax Rules Employers & Workers Need to Know
Part 2 – Tips Excluded from Income Certain employees and independent contractors may be eligible to deduct tips from their income for tax years 2025 through 2028 under provisions included in the One Big Beautiful Bill. The deduction is capped at $25,000 per year and begins to phase out at $150,000 of modified adjusted gross […]
One Big Beautiful Bill: New Overtime Tax Rules Employers and Employees Need to Know
Part 1 – Overtime Pay and Income Tax Treatment Overview This Firm Insights post summarizes one provision of the “One Big Beautiful Bill” related to the tax treatment of overtime compensation and related employer wage reporting obligations. Overtime Pay and Employee Tax Treatment The Fair Labor Standards Act (FLSA) generally requires that overtime be paid […]
New York’s FAIR Business Practices Act: What the New Consumer Protection Measure Means for Your Business
In 2025, New York enacted one of the most consequential updates to its consumer protection framework in decades. The Fostering Affordability and Integrity through Reasonable Business Practices Act (FAIR Act) significantly expands the scope and strength of New York’s long-standing consumer protection statute, General Business Law § 349, and alters the compliance landscape for New York […]
How to Reduce Legal Risk as Your New Jersey Business Grows in 2026
For many New Jersey businesses, growth is a primary objective for the New Year. However, it is important to recognize that growth involves both opportunity and risk. For example, business expansion often results in complex contracts, an increased workforce, new regulatory requirements, and heightened exposure to disputes. Without proactive planning, even routine growth can lead […]
Crypto Investor Protection: SEC and CFTC Enforcement Trends
Crypto investor protection continues to evolve, with the SEC and CFTC investing resources and coordinating more closely to uphold regulatory standards. Whether you’re a retail investor, an institutional trader, or part of a crypto startup, understanding enforcement trends is essential for navigating this dynamic and high-stakes regulatory environment. Crypto Is No Longer the Wild West […]
New Jersey’s Next Manufacturing Tax Credit: Stability Secured, Timing Matters
A Settled Regulatory Environment Enables Confident Capital Planning New Jersey’s new manufacturing incentive program, Next New Jersey Manufacturing Program, enters 2026 with something uncommon in economic development these days: policy stability. The statute is enacted, New Jersey Economic Development Authority’s (“NJEDA”) rules are adopted, and the application portal is open. With the election outcome settled, […]
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