Basics of Tax Deductible Business Expenses

Series Summary

IRS! Most people see those three letters and immediately go into panic mode. Everything about income taxes seems to be a hassle. If you don't know what you are doing, you may find yourself in a world of trouble. However, how do you learn what tax deductions you are eligible for? What do you do if you get a letter from the IRS? Are you going to have to file a tax extension? Do you have to pay tax penalties? There are so many unanswered questions that loom in the gray world of the Internal Revenue Service. Although it may be best to go directly to the source, some of your questions can be resolved relatively easily. All you need to some good tax advice.

Thankfully, at Expert Village, this free video series tries to answer some of those questions. Our tax expert, Tom Choisnet, offers advice for the small business owner. He shows you different way to collect tax deductibles in your company tax forms. Learn how to file expense accounts, accrual accounts, and investor expenses. Also, learn tips for understanding Capital Gains, Installment Sales, and more. With Tom's help, you can begin to understand the tax process. So, don't wait till April 15th. Learn how to find tax deductions in your business today!

Video Transcript

"Tom Choisnet, and I'm telling you a little bit about military taxes. And our soldiers, sailors, marines over there in Iraq, they don't have to pay any tax on their combat pay. Not only that, all the military personnel does not have to pay tax on their sustenance and quarters. Those sustenance and quarters amounts are already deducted on the form W2 for a military person. Another thing about military, they can put money in an IRA. This is a good time to put in money in a Roth IRA because they'll be receiving the benefit there from later tax free, if they have combat income they won't need the deduction. States vary regarding the reporting of military income. So quite often, I'll recommend even my client to (to) go to some of the large small client tax firms that operate throughout the country because they have exposure to more military than most of us do. Thank you."