Corporate Officers or Shareholders: How Should You Treat Expenses Paid Personally?
If you play a major role in a closely held corporation, you may sometimes spend money on corporate expenses personally. These costs may […]
Use an S Corporation to Mitigate Federal Employment Tax Bills
If you own an unincorporated small business, you probably don’t like the size of your self-employment (SE) tax bills. No wonder!
Starting a Business? How Expenses will be Treated on your Tax Return
Government officials saw a large increase in the number of new businesses launched during the COVID-19 pandemic. And the U.S. Census Bureau reports that business applications are […]
The Trust Fund Recovery Penalty: Who Can it be Personally Assessed Against?
If you own or manage a business with employees, there’s a harsh tax penalty that you could be at risk for paying personally. The Trust Fund Recovery […]
2023 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2023. Keep in mind that this list isn’t all-inclusive, […]
Advantages and Disadvantages of Claiming Big First-Year Real Estate Depreciation Deductions
Your business may be able to claim big first-year depreciation tax deductions for eligible real estate expenditures rather than depreciate them over several […]
Traveling for Business This Summer? Here’s What You Can Deduct
If you and your employees are traveling for business this summer, there are a number of considerations to keep in mind. Under tax […]
Keep These DOs and DON’Ts in Mind When Deducting Business Meal and Vehicle Expenses
If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete […]
The IRS Has Just Announced 2024 Amounts for Health Savings Accounts
The IRS recently released guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs).
If You’re Hiring Independent Contractors, Make Sure They’re Properly Handled
Many businesses use independent contractors to help keep their costs down — especially in these times of staff shortages and inflationary pressures. If […]
