Business Expenses and Deductions

by | Jun 16, 2026 | Business Tax

100% Free Federal. $14.99 State. Direct IRS E-File. FreeTaxUSA.com Section 162 allows deductions for ordinary and necessary business expenses paid or incurred during the year. These include reasonable compensation, travel away from home, and rent for property used in...

Employee Compensation Rules

by | Jun 16, 2026 | Business Tax

100% Free Federal. $14.99 State. Direct IRS E-File. FreeTaxUSA.com Employee compensation includes wages, benefits, reimbursements, and employer‑provided perks. For tax purposes, employers must determine whether payments are taxable, deductible, or excludable, and...

Inventory Rules for Taxpayers

by | Jun 16, 2026 | Business Tax

100% Free Federal. $14.99 State. Direct IRS E-File. FreeTaxUSA.com Inventory is required when the production, purchase, or sale of merchandise is a key income‑producing factor. When inventory is required, the business must use the accrual method for purchases and...

Uniform Capitalization (UNICAP) Rules

by | Jun 16, 2026 | Business Tax

100% Free Federal. $14.99 State. Direct IRS E-File. FreeTaxUSA.com Under Section 263A, certain businesses must capitalize direct and indirect costs related to producing or acquiring property. These costs become part of the property’s basis and are recovered through...

Accounting Periods and Methods

by | Jun 16, 2026 | Business Tax

100% Free Federal. $14.99 State. Direct IRS E-File. FreeTaxUSA.com Businesses must choose a tax year and an accounting method to report income and expenses. Both must clearly reflect income and be applied consistently. Tax Years A tax year is the 12‑month period used...