You’re probably familiar with the self-employment tax if you own a business. Here’s a refresher on how it works, how it will increase and whether there’s anything you can do to reduce it.
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For many key employees, the use of a company car is a cherished perk. But before you hand over the keys, make sure you understand the federal tax rules.
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Ever heard of a cost segregation study? It’s a strategy that can yield tax benefits, but it’s not the right move for every business. Here’s how it can help accelerate depreciation deductions on the building that houses your enterprise.
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You want to be able to deduct business expenses on your tax return. But in order to be deductible, expenses must be ordinary, necessary and reasonable. Here are the rules.
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The leaves are beginning to turn in some areas so it’s time for businesses to start thinking about year-end tax strategies. It’s also a good time to think about the fourth quarter 2023 tax filing deadlines.
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Many spouses operate small businesses together. Here’s a look at some of the tax issues they may face.
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Inflation has some beneficial side effects. One is that the amount of depreciation tax breaks your business can claim has increased for 2023. Here are the rules.
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Divorce can be financially complicated, especially if one or both of the spouses owns a business.
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If your corporation defaults on a loan that you guarantee, there may be tax consequences. You don’t want to be caught unaware.
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Next year, a new provision kicks in that may allow businesses to help employees in financial emergencies through their retirement plans. Here are the details.
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Some businesses receive large amounts of cash. Depending on the amounts, they may be required to report the transactions to the IRS.
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You can operate your small business in several ways. For example, your entity can be a sole proprietorship, an S corporation or a partnership. Here are the advantages of operating as a limited liability company (LLC).
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There may be a way to reduce a large tax bill if you own appreciated land that you want to subdivide and develop for sale. Here’s a three-step strategy.
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When spending money personally on behalf of your closely held corporation, you want to ensure the expenses are tax deductible by either you or the business. Here are the key considerations.
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Converting an unincorporated business into an S corporation may help you cut your self-employment tax bill. Here’s how.
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Launching a business? Here’s how start-up expenses are handled on a federal tax return.
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The Trust Fund Recovery Penalty is personally imposed on certain business owners and managers when employment taxes aren’t paid to the government. Here are the rules, along with two cases where individuals were held liable for the harsh penalty.
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You might want to enjoy the lazy days of summer, but employers and businesses need to make sure not to miss these third-quarter 2023 tax deadlines.
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Here’s a rundown of the tax deductions you can claim for business travel.
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