Category Archives for Reader Questions Answered

How do I pay myself from my small business?

How do I pay myself from my small business? |

“How do I pay myself from my small business?” is one of the most common questions I am asked. Related to this question is, how much can I pay myself? If you are sole-proprietor or a single-member LLC (not filing as an S-Corp), the answer is shockingly simple. You can pay yourself how much you would like and whenever you would like! Great news.



Are Coaching Fees a Business Expense?


Great question from Courtney at Charity Sparrow.

I have a business coach I pay monthly. Is this a tax-deductible business expense?



Can I Write-off the Purchase of Business Books?

Today’s question is from Elizabeth of Paper Bliss Designs.
Can I write-off business books or business planners/workbooks at tax time?
Great question Elizabeth! As with most things regarding the IRS, every situation is unique and there is a lot of room for interpretation. The general rules regarding business expenses are that they must be ordinary and necessary for your trade or profession. Most likely business books to help you grow your business or learn more about your line of business would qualify.