Tax Deductions Archives - Profit Wise, Accounting and Tax

How to make your vacations a tax deduction?

How to make your weekend getaways a tax deduction?

As a business owner, one of the advantages is the ability to claim tax deductions for expenses related to the business. When planning for your upcoming vacation, it is important to ensure that you capitalize on all the legally entitled tax write-offs, including the opportunity to reduce your tax liability by converting your vacation into…

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Industries Restaurants and Bar, R&D Tax Credits for Restaurants

Accounting, Marketing, Taxes

August 14, 2023

R&D Tax Credits for Restaurants

Are you a restaurant owner? Are you taking advantage of research and development (R&D) tax credits? In an age where technology is an integral part of how restaurants operate, it is crucial for your establishment to find new ways to stay on the cutting edge and keep up with competition.

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Accounting, Taxes

August 14, 2023

Tax Changes for Short-term Rental Hosts

The Tax Cuts and Jobs Act has important changes that may impact your vacation rental property. If you use an online rental service like Airbnb, HomeAway, or VRBO to rent out your vacation home you might want to take a look at these tax changes.

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Taxes

August 14, 2023

Home Ownership —Tax Laws

Navigating our way through the new tax laws concerning home ownership. What’s deductible: closing costs, mortgage interest, property taxes? Let’s take a closer look and break down some of the basics.

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Tax Credit and Tax Deduction – Know the Difference

Taxes

August 14, 2023

Tax Credit and Tax Deduction

Understanding the difference between tax credits and tax deductions, both credits and deductions help in reducing your tax liabilities, but in different ways.

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