Providing A Company Car? Here’s How Taxes Are Handled
The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This perk results in tax deductions for the employer as well as [...]
Help Safeguard Your Personal Information By Filing Your 2021 Tax Return Early
The IRS announced it is opening the 2021 individual income tax return filing season on January 24. (Business returns are already being accepted.) Even if you typically don’t file until [...]
Close-Up on the Individual AMT
The individual alternative minimum tax (AMT) rules were made more taxpayer-friendly for 2018 through 2025 by the Tax Cuts and Jobs Act (TCJA). The odds that you'll owe the AMT for [...]
New Digital Asset Reporting Requirements Will Be Imposed In Coming Years
The Infrastructure Investment and Jobs Act (IIJA) was signed into law on November 15, 2021. It includes new information reporting requirements that will generally apply to digital asset transactions starting [...]
Smart Reasons to Hire Your Spouse
Many businesses are having trouble recruiting and retaining qualified workers today. Nearly 90% of employers reported difficulty filling open positions, according to a recent survey conducted by the Society for Human [...]
How Are Court Awards and Out-of-Court Settlements Taxed?
Awards and settlements are routinely provided for a variety of reasons. For example, a person could receive compensatory and punitive damage payments for personal injury, discrimination or harassment. Some of [...]
Important “To Do’s” All Taxpayers Should Do Before the Tax Year Ends
Information from IRS.gov Important “To Do’s” All Taxpayers Should Do Before the Tax Year Ends Donate to charity Taxpayers may be able to deduct donations to tax-exempt organizations on their [...]
Businesses Can Deduct Startup Costs From Their Federal Taxes — Learn How
Courtesy of IRS.gov When starting a business, owners should treat all eligible costs incurred before beginning to operate the business as capital expenditures that are part of their basis in [...]
11 Sources of Tax-Free Income
There are still ways to earn income that is free from federal income tax. With the various tax changes that have taken effect in recent years, tax-free income opportunities are perhaps [...]
Businesses Can Show Appreciation — and Gain Tax Breaks — With Holiday Gifts and Parties
The holiday season is here. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties [...]
Changes to Retirement Plans for 2022
Information from IRS.gov Next year taxpayers can put an extra $1,000 into their 401(k) plans. The IRS recently announced that the 2022 contribution limit for 401(k) plans will increase to [...]
Buyer’s Side Due Diligence Checklist
The process of due diligence can be extremely complex in merger-and-acquisition transactions. The information uncovered can make or break a deal. If your business is considering a purchase and is only [...]
Small Business Advertising and Marketing Costs May Be Tax Deductible
Information from IRS.gov Small Business Advertising and Marketing Costs May Be Tax Deductible The tax law allows businesses to deduct expenses that help them bring in new customers and keep [...]
With Year-End Approaching, 3 Ideas That May Help Cut Your Tax Bill
If you’re starting to worry about your 2021 tax bill, there’s good news — you may still have time to reduce your liability. Here are three quick strategies that may [...]
Feeling Generous at Year End? Strategies for Donating to Charity or Gifting to Loved Ones
As we approach the holidays, many people plan to donate to their favorite charities or give money or assets to their loved ones. Here are the basic tax rules involved [...]