If your business buys products to resell or purchases materials that become part of the work you perform, you've probably heard that you can't deduct those costs until the inventory is sold. While that was generally true for many years, today's tax rules give many small businesses much more flexibility than they realize. In fact,...Continue reading
If you own an S corporation, one of the most valuable tax benefits available to you may be the ability to deduct your health insurance premiums. Unfortunately, many business owners don't realize there are specific IRS rules that must be followed. If those rules aren't followed correctly, you could lose the deduction—even if your business...Continue reading
Starting a new business is exciting, but it can also be expensive. Between market research, legal fees, marketing, software, equipment, and professional advice, many entrepreneurs spend thousands of dollars before they ever make their first sale. One of the most common questions we hear at Ken-Mar Tax is: "Can I deduct these expenses?" The answer...Continue reading
If you’re buying equipment, a vehicle, or making improvements to your business, you’ve probably heard about bonus depreciation and Section 179. Both can help you write off large purchases and reduce your taxes - but they don’t work the same way. And choosing the wrong one can cost you more than you think. So what’s better:...Continue reading
If you and your spouse own rental property or run a business together, you may have set up an LLC for liability protection. That part makes sense. But then comes the next question: how are husband and wife LLC taxes handled—especially here in Ohio? This is where things can get confusing. And in many cases,...Continue reading
Dog breeders often don’t realize how aggressively the IRS treats breeding activity. Under current tax law, dog breeding is frequently classified as a hobby, not a business — and that distinction can dramatically change your tax outcome. If the IRS considers your dog breeding a hobby, your income is still taxable, but most of your...Continue reading