Last updated:
November 6, 2023
1. Tap on the Bills tab.
2. Tap on the green plus button at the bottom right of your screen.
3. Enter your bill details. The only required fields are: name, amount, and due date.
Purchasing a new car is a major financial investment, especially if you plan to use it for both personal and business purposes. Fortunately, the IRS recognizes this and has created specific rules for tax deductions on cars purchased for work-related purposes.
The Internal Revenue Service defines gross receipts as the complete amount of money your business has earned from all sources within a year. Depending on the organizational style, businesses compute this either monthly, quarterly, or yearly.
Effective bookkeeping is essential for the success of any small business. It involves organizing and categorizing all financial transactions to get a clear picture of the flow of money in and out of the business.
It's no surprise that self-employed individuals strive to minimize their taxable income as much as possible. A frequently asked question is whether they can claim the standard deduction while still deducting business expenses.