Tax Center - Federal Taxes
Tax Center

Federal Taxes

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Be Tax-Smart When Selecting Your Entity Type

When you start your business, you need to make many decisions--including deciding how your business will be structured. While tax considerations shouldn't drive your decision, it's important to factor them into your choice.

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Business Deductions Are Critical
for Tax Savings

The amount of tax you owe may be reduced by deducting your business expenses. To be deductible, the expenses have to pass certain tests. You should also make sure you keep good records that may be needed to support your deductions.

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Federal Income Tax Obligations
Tax Avoidance Is Legal; Tax Evasion Is Criminal
Sole Proprietorships, Partnerships and LLCs Are Commonly Used Entities
S & C Corporations Create Different Tax Consequences
Profit Motive Required to Claim Business Deductions
Obtaining Your Business Identification Number
Tax Year and Accounting Method Impact Your Tax Picture
What Counts as Business Income
Business Income Can Include Income Not Derived from Sales or Services
Business Deductions Are Critical for Tax Savings
Startup Costs and Organizational Expenses Are Deducted over 180 Months
Business Related Travel Expenses Can Be Deducted
Properly Substantiated Meal and Entertainment Expenses Are Deductible
Business Use of a Car Can Be Deductible
Understanding Tax Consequences of Compensation
Providing Life and Heath Insurance Can Produce Many Benefits
You Can Deduct Certain Employee Benefits
Learn the Rules Related to Employees' Use of Vehicles
Home Office Deduction Can Convert Personal Expenses into Business Deductions
Business Use, Size of Space Determine Home Office Deduction Amount
Expenses Directly Related to Your Home Office Are Deductible
Should I Use the Simplified Home Office Deduction?
Casualty Loss Rules Differ for Personal and Business Property
Capital Asset Costs Are Not Deductible As Business Expenses
Methods of Recovering the Cost of a Capital Asset
Determining Basis Is First Step in Depreciation Computation
Depreciation Methods Are Constrained by Legal Requirements
Cars and Other Listed Property Are Subject to Special Rules
Use Expensing or Bonus Depreciation to Write Off Assets in First Year
Know the Tax Impact When Disposing of Capital Assets
Business Losses Can Generate Net Operating Loss Deduction
Using Credits Can Reduce Your Tax Bill
Tax Credits Commonly Available to Small Businesses
Tax Credits for Targeted Groups Can Help Some Businesses
Investigate These Personal Tax Credits to Save Money
Monitor Your Tax Situation to Minimize AMT Exposure
Determining Your Self-Employment Tax Liability
Plan Estimated Tax Payments to Avoid Penalties
Dealing with an IRS Audit
Due Dates for Returns and Payments Depend upon Business Form