Accounting, Bookkeeping, Invoicing Blog Posts | Page 2

The 31 Best Small Business Tax Deductions

A tax deduction is a business expense you can use to reduce your total taxable income. According to the IRS, expenses that qualify for deduction must be “both ordinary and necessary.” Expenses that meet these requirements can be written off on your tax return, saving you hundreds or potentially thousands of dollars each tax season.

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Feb 9, 2024 Filed under: Accounting, Bookkeeping, Invoicing
How to calculate R&D tax credit

How To Calculate The R&D Tax Credit

The research and development tax credit (R&D credit) is a general business credit available to businesses that created or improved a product or process. Businesses that are eligible to receive the R&D credit must have participated in qualified R&D activities as outlined under Section 41 of the IRS Tax Code.

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Aug 24, 2023 Filed under: Accounting, Bookkeeping, Invoicing