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Can You Claim A Gas Deduction From The IRS?

TaxesSmall Business

The IRS allows business owners to deduct vehicle expenses, including gas, but only under specific rules. The key is knowing which driving qualifies, which method to use, and how to keep the right reco…

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New IRS Guidance on Special Depreciation Rules Explained

Taxes

If your business qualifies, it's important to take advantage of the special depreciation for qualified production property. While rules haven't been finalized, the IRS's interim guidance indicates tha…

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Form 8594: Reporting Asset Acquisition

TaxesSmall Business

Whether you're the purchaser or seller, it's essential to accurately prepare IRS Form 8594 while avoiding pitfalls that can attract IRS scrutiny. Both the buyer and the seller of the business must sub…