Category: Small Business Taxes

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 […]

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Expense incurred for a new business can be expensive. These expenses prior to the time your business starts called “start-up cost” are typically considered capital expenditures. They are part of your investment in the business assets, and investment costs are amortized. The IRS allows business owners to deduct all or a portion of their startup […]

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