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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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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