Keeping careful business records for meal and vehicle expenses can safeguard your tax deductions. Here are some DOs and DON’Ts.
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Business owners and their employees may not have to pay Social Security tax on ALL of their wages. Amounts above a certain threshold aren’t subject to Social Security tax. Here’s how the 2023 “wage base” will affect your payroll.
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The price of gas is going up again in some parts of the country. That may affect the tax deductions for local transportation costs that your small business can claim. Here’s what you can write off.
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Many small businesses are in need of new employees and may get creative in their hiring. The Work Opportunity Tax Credit can help if you hire from certain targeted groups.
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Separating the ownership of a business’s real estate from the business isn’t always advisable. But it might be worthwhile in some situations.
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A limited liability company can give you corporate-like protection from creditors while providing the benefits of taxation as a partnership. Can it work for you?
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How do you handle the costs involved in developing your business website for tax purposes? Here are the general rules.
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You don’t have to be a large business to benefit from tax breaks. Here are 3 ways that eligible small businesses can save on taxes.
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Interested in a “like-kind” exchange of real property? Here are the basic rules.
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When a business shuts down, there are a number of tax responsibilities that must be met. Unfortunately, because of the pandemic and the economy, many businesses are facing this reality. Here are the basic rules.
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Buying or selling a business may be the most critical transaction you ever make. If your business is considering merging with or acquiring another business, it’s important to understand how the transaction will be taxed under current law. Here are some considerations.
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If you’re a business owner or executive, you might be taking it a little easy this summer. But don’t take it so easy that you forget about these third-quarter tax deadlines.
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Business owners: Are high gas prices getting you down? The IRS is providing some relief by raising the optional standard mileage rate for the last six months of 2022.
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The “dividends-received deduction” may take some of the bite out of a C corporation’s tax bill. Here’s how.
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Small businesses and start-ups engaging in research activities: Here’s a way to save on payroll taxes.
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An important deadline is coming up for quarterly federal estimated tax payments. Here are four methods for corporations to compute them.
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If you’re involved in a partnership, you likely know it’s taxed differently than a C corporation. In some cases, partners may be taxed on more partnership income than was distributed to them from their partnerships. Here’s why.
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If your business provides Health Savings Accounts to employees, you know they have many benefits. Here are a few of them, along with the inflation-adjusted amounts for 2023. Hint: They’re going up more than they have in recent years due to high inflation.
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If your business has independent contractors or makes other payments to customers or others, you probably file 1099 forms with the IRS. The tax agency is currently sending out notices about these forms to some taxpayers.
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If you’re looking for a new partner to add to your partnership, you may think the hard part is over once you find the right person. But there may be tax challenges ahead.
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