Beware of Deductions Claimed for Certain Business Expenses
To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your field of business. A necessary expense [...]
Get Ready for Due Diligence Long Before a Sale or Merger
It may seem odd, but as soon as you start up a business, you should begin preparing the documentation needed to sell or merge with another enterprise. It may be [...]
Self Employment Tax Facts
Do you owe self-employment (SE) tax on non-wage income that you collect only occasionally or in a one-off circumstance? Some sources of income may not be subject to the dreaded SE [...]
Holiday Parties and Gifts Can Help Show Your Appreciation and Provide Tax Breaks
With Thanksgiving behind us, the holiday season is in full swing. At this time of year, your business may want to show its gratitude to employees and customers by giving [...]
Small Businesses: Stay Clear of a Severe Payroll Tax Penalty
One of the most laborious tasks for small businesses is managing payroll. But it’s critical that you not only withhold the right amount of taxes from employees’ paychecks but also [...]
Taking the Acquisition Route
An acquisition of a target company's stock or assets can help your business expand its operations while maintaining control of the company. With taxable direct purchases, the buyer simply pays [...]
Selling Securities by Year End? Avoid the Wash Sale Rule
If you’re planning to sell assets at a loss to offset gains that have been realized during the year, it’s important to be aware of the “wash sale” rule. How [...]
Don’t Overlook a Roth IRA if You Are Self-Employed
Saving for retirement on a tax-advantaged basis should be on nearly everyone's financial "to do" list. Making contributions to a Roth IRA is one tax-wise way to save, because you [...]
Keep Your Fleet Safe
Whether your company has one vehicle or dozens on the road, smart management can save you money. Familiarity with tax laws, simple maintenance steps and high-tech solutions can reduce the [...]
Reap Tax Rewards from Year-End Harvesting
The stock market has experienced plenty of ups and downs this year. So, some investors are poised to take big gains for 2019, while others are currently showing losses and many [...]
Understanding and Controlling the Unemployment Tax Costs of Your Business
As an employer, you must pay federal unemployment (FUTA) tax on amounts up to $7,000 paid to each employee as wages during the calendar year. The rate of tax imposed [...]
Year-End Strategies to Reduce AGI
Reducing your current-year adjusted gross income (AGI) is usually a tax-smart idea. Here are ten ways to reduce your AGI (and modified AGI) over the short and long run. Closeup [...]