BossTax

Not directly — like any self-employed professional, you can't deduct the value of your own time or labor spent developing and testing recipes, but the actual ingredient and supply costs used during that testing process are deductible business expenses. This follows the same principle that applies across every service-based profession: the IRS doesn't allow you to assign a dollar value to your own time and deduct it, no matter how clearly that time relates to your business. Wh

Yes — a chef's coat or other work-specific uniform is deductible, since it passes the IRS test for work clothing more clearly than most professions' apparel does: it's specialized clothing not suitable for ordinary, everyday wear, even though it might look like "just clothes" at first glance. The IRS generally disallows deductions for clothing that could reasonably be worn outside of work, but a chef's coat is a strong example of clothing that fails that everyday-wear test in

Yes — Errors & Omissions insurance carried specifically to cover financial services work is a fully deductible business expense for independent bookkeepers, since it exists to protect you against claims tied directly to the paid work you perform. Bookkeeping carries real liability exposure — a data entry error, a missed reconciliation, or a misclassified expense could lead a client to claim financial harm. E&O insurance designed for financial services professionals covers exa

The IRS requires good recordkeeping for any deductions you claim on your tax return. No estimates or approximated values may be used – only actual records. If you’re in business for yourself, that means you need to make a record of your income and tax deductible business expenses. Without good records, if your tax return is audited, your deductions could be rejected and you could owe a lot more tax! But what exactly is good recordkeeping? Effective recordkeeping involves ma

Help! It’s almost tax filing time, and your records are, well, incomplete. What if you forgot to save your info? Don’t worry, you’re not totally out of luck. Read on to find out how to save yourself on tax day.

by Enrolled Agent at BossTax | Jun 20, 2025 | Tax Blog, Tracking Tips | 0 comments Yes — missing the federal tax filing deadline can trigger monthly penalties and interest, but submitting your return as quickly as possible reduces overall costs and stops late fees from accumulating. Whether you missed the April filing date due to unforeseen personal circumstances or simply got overwhelmed collecting business records, the IRS imposes two distinct charges: a failure-to-file p