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Previously, a cell phone was considered by the IRS to be “listed property,” a special category for deductions. Listed property includes items that the IRS considers to have potential for personal use that might be inadvertently deducted. So it is required to keep records of both business and personal use. The Small Business Jobs Act […]

Read More… from Your Cellphone as Business Deduction

sole proprietors or partners in a partnership/LLC If you are a sole proprietor, you don’t take a salary in the form of a regular paycheck as as employee. Amounts taken out of a business by a sole proprietor should be accounted for in a draw account. You cannot deduct the sole proprietor’s own “salary” or […]

Read More… from Payments to Small Business Owners and Employment Tax