Ways to Manage the Limit on the Business Interest Expense Deduction
Prior to the enactment of the Tax Cuts and Jobs Act (TCJA), businesses were able to claim a tax deduction for most business-related interest expense. The TCJA […]
How a Business Owner’s Home Office Can Result in Tax Deductions
As a business owner, you may be eligible to claim home office tax deductions that will reduce your taxable income. However, it’s crucial to understand the IRS […]
New IRS Guidance on ERTC Refunds
On March 21, 2025, the IRS released […]
Do You Have an Excess Business Loss?
If an individual taxpayer has substantial business losses, unfavorable federal income tax rules can potentially come into play. Here’s what you need to […]
Questions About Taxes and Tips? Here Are Some Answers for Employers
Businesses in certain industries employ service workers who receive tips as a large part of their compensation. These businesses include restaurants, hotels and salons. Compliance with federal […]
Many Business Tax Limits Have Increased in 2025
A variety of tax-related limits that affect businesses are indexed annually based on inflation. Many have increased for 2025, but with inflation cooling, the increases aren’t as […]
The Standard Business Mileage Rate Increased in 2025
The nationwide price of gas is slightly higher than it was a year ago and the 2025 optional standard mileage rate used to […]
Small Business Strategy: A Heavy Vehicle Plus a Home Office Equals Tax Savings
New and used “heavy” SUVs, pickups and vans placed in service in 2025 are potentially eligible for big first-year depreciation write-offs. One requirement is you must use […]
Treasury Announces Suspension of BOI Reporting
As posted to US Department of Treasury website on 3/2/25
The Treasury Department
How Section 1231 Gains and Losses Affect Business Asset Sales
When selling business assets, understanding the tax implications is crucial. One area to focus on is Section 1231 of the Internal Revenue Code, which governs the treatment of gains […]
