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Wednesday, May 22, 2024

Protect Yourself from Costly Payroll Fraud When you own and operate a business, you must exercise vigilant oversight, including watching over your payroll taxes. Here’s an example of why. Rodney Taylor entrusted his corporation’s...

Friday, April 19, 2024

Turn Your Vacation—Even a Luxurious One—into Tax-Deductible Business Travel Here’s an idea: how about transforming your next vacation into business travel? With careful planning, your transportation to any destination could be fully...

Tuesday, March 19, 2024

IRAs for Young Adults   As we navigate the complexities of financial planning, one opportunity stands out for young adults: individual retirement accounts (IRAs). With the 2023 tax-year contributions deadline fast approaching on...

Tuesday, February 20, 2024

Estimated Tax Penalties   The United States has a “pay as you go” tax system in which payments for income tax (and, where applicable, Social Security and Medicare taxes) must be made to the IRS throughout the year as...

Thursday, January 18, 2024

Corporate Transparency Act Requires BOI Reporting to FinCEN   The Corporate Transparency Act (CTA) is upon us. It took effect on January 1, 2024, and imposes a new federal filing requirement for most corporations, limited...

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Tuesday, December 19, 2023

New FinCEN Filings Go into Effect on January 1   For existing businesses, the Corporate Transparency Act (CTA) goes into effect on January 1, 2024, and imposes a brand-new federal filing requirement on most corporations, limited...

Monday, November 27, 2023

Last-Minute Year-End General Business Income Tax Deductions   The purpose of this article is to reveal how you can get the IRS to owe you money.   Of course, the IRS will not likely cut you a check for this money (although in...

Monday, October 23, 2023

Donating Clothing to Goodwill and the Salvation Army   As the year comes to a close, many taxpayers consider making clothing and household item donations both to give back and to optimize their tax deductions.   Recent cases,...

Friday, September 22, 2023

HSAs for Business Owners   When enacted, the Affordable Care Act (ACA) eliminated most small-business health plans that reimbursed individually purchased health insurance. Consequently, many small business owners with fewer than...

Thursday, August 17, 2023

ICHRA Unleashed: Transforming Small Business Health Benefits   The individual coverage health reimbursement arrangement (ICHRA) allows businesses of all sizes, from large corporations to small businesses like yours, to reimburse...

Wednesday, July 26, 2023

Strategic Insights for Employing Your Spouse   If you own your own business and operate as a proprietorship or partnership (wherein your spouse is not a partner), one of the smartest tax moves you can make is hiring your spouse to...

Tuesday, May 23, 2023

Tax Credits for Electric Vehicles: The Latest from the IRS The IRS recently issued new guidance on electric vehicles. There are four ways you can potentially benefit from a federal tax credit for an EV you place in service in 2023...

Monday, April 24, 2023

Know the $75 Rule for Business Expenses The $75 rule applies to certain business expenses where you do not need a receipt. But we emphasize that this rule does not apply to all tax deductions. Many taxpayers mistakenly apply...

Saturday, March 18, 2023

Holding Real Property in a Corporation: Good or Bad Idea? As the real estate market has cooled off in many parts of the country, investing in property may seem wise in the long run. But taxes can be a significant concern...

Wednesday, February 15, 2023

2023 Health Insurance for S Corporation Owners: An Update Here’s an update on the latest developments in 2023 health insurance for S corporation owners. As a more-than-2-percent S corporation owner, you are entitled to some...

Sunday, January 15, 2023

When Cancellation of Debt (COD) Income Can Be Tax-Free Sometimes debts can pile up beyond a borrower’s ability to repay, especially if we are heading into a recession. But lenders are sometimes willing to cancel...

Friday, December 16, 2022

$80 Billion to the IRS: What It Means for You You may have noticed that the IRS is in a bad way. It has a backlog of millions of unprocessed paper tax returns, and taxpayers can’t get through to the agency on the phone....

Thursday, November 17, 2022

Last-Minute Year-End General Business Income Tax Deductions The purpose of this letter is to get the IRS to owe you money. Of course, the IRS will not likely cut you a check for this money (although, in the right...

Wednesday, October 19, 2022

Say Goodbye to 100 Percent Bonus Depreciation All good things must come to an end. On December 31, 2022, one of the best tax deductions ever for businesses will end: 100 percent bonus depreciation. Since late 2017, businesses...

Friday, September 16, 2022

Earn 9.62 Percent Tax-Deferred Interest with Series I Bonds Inflation is seldom a good thing. But when it comes to investing, the U.S. Treasury Department has an inflation opportunity that’s downright amazing. You can...

Friday, August 19, 2022

Claim Your 2020 and 2021 ERC Now (Yes, in 2022) During much of 2020 and 2021, you may have qualified for the Employee Retention Credit (ERC). Lawmakers created this tax credit in response to the COVID-19 pandemic. With the...

Wednesday, July 20, 2022

Self-Employment Tax Basics If you own an unincorporated business, you likely pay at least three different federal taxes. In addition to federal income taxes, you must pay Social Security and Medicare taxes, also called the...

Tuesday, June 14, 2022

Alert: A Massive New FinCEN Filing Requirement Is Coming Do you own a corporation, limited liability company (LLC), limited partnership, limited liability partnership, limited liability limited partnership, or business...

Wednesday, May 18, 2022

Thursday, April 14, 2022

Tuesday, March 15, 2022

Tuesday, February 15, 2022

Wednesday, January 19, 2022

Wednesday, December 15, 2021

Monday, November 15, 2021

2021 Year-End Tax-Planning Edition 2021 Last-Minute Year-End General Business Income Tax Deductions Your goal should be to get the IRS to owe you money. Of course, the IRS is not likely to cut you a check for this money (although in...

Thursday, October 14, 2021

Taxation of 529 College Savings Account Withdrawals The big advantage of 529 plans is that qualified withdrawals are always federal-income-tax-free—and usually state-income-tax-free too. What you may not know is that not all 529...

Thursday, September 16, 2021

Tax-Saving Tips September 2021 Save Your Employee Retention Credit In what clearly must have been a mistake, the IRS issued Notice 2021-49 to deny the employee retention credit (ERC) on the wages paid to most C and S corporation owners...

Monday, August 16, 2021

Don’t Miss Out on the Employee Retention Credit It’s hard to imagine that a small business does not qualify for some or all of the employee retention credit (ERC). And remember, this is a tax credit—one of the very...

Thursday, July 29, 2021

Is Your Travel Day Personal or a Tax-Deductible Business Day? When you travel to a business location where you spend the night, you are in travel status. But will the tax rules make this a business or personal night? The rules also...

Tuesday, June 22, 2021

Benefit Big from the Work Opportunity Tax Credit. The Work Opportunity Tax Credit rewards your good deeds. And now, because of new legislation, the rules are in place for longer than usual. If you need to hire workers in your business...