The accrual and cash methods of business accounting are the two most popular methods of managing business income and expenses. These accounting practices provide businesses differing advantages ...

Form 8829 is used to claim the home office deduction by calculating the business-related portion of home expenses. Self-employed individuals and freelancers can deduct costs such as rent, utilities ...

It's my annual "Taxes from A to Z" series! For the series, I’ll focus on terms that you might see on your tax forms and statements but not necessarily in the headlines. If you’re wondering whether you ...

The Internal Revenue Service requires businesses to keep a record of expenses for tax auditing and filing purposes. Small businesses may have fewer expenses than larger companies and can track them ...

Take an in-depth look at the treatment of revenues and expenses within the accrual method of accounting and learn why many ...

The actual expenses method allows businesses to deduct the actual costs incurred for vehicle use, such as fuel, maintenance, and insurance. Choosing between the standard mileage rate and actual ...

In Rev. Proc. 2013-13, issued in January, the IRS gave taxpayers an optional safe-harbor method to calculate a deduction for expenses of a business use of a residence under Sec. 280A, effective for ...