Tax Document Retention Guidelines for Small Businesses
You may have breathed a sigh of relief after filing your 2017 income tax return (or requesting an extension). But if your office is strewn with reams of paper consisting [...]
Congress Raises 401(k) Hardship Withdrawal Limits
Most 401(k) plans permit hardship withdrawals, though plan sponsors aren't required to allow them. As it stands today, employees seeking to take money out of their 401(k) accounts are limited [...]
Follow Detailed Recordkeeping Rules for Vehicle Expense Deductions
Many business owners fail to follow the strict tax rules for substantiating vehicle expenses. But if your business is audited, the IRS will most likely ask for mileage logs if [...]
No Single Factor Determines Contractor Status
Hiring someone as an independent contractor can have many advantages for employers. Among them are that independent contractors: Can be hired on a per-project basis and let go when the [...]
2018 Q2 Tax Calendar: Key Deadlines for Businesses and other Employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may [...]
Home-related tax breaks are valuable on 2017 returns, but will be less so for 2018
Home ownership is a key element of the American dream for many, and the U.S. tax code includes many tax breaks that help support this dream. If you own a [...]
Leasing Property to Your C Corp
It's generally not a good idea for a closely held C corporation to own assets with high appreciation potential. A classic example is real estate. If your corporation owns property, [...]
Getting a Divorce? Divide Assets and Tax Bills
With a divorce, there are often major financial consequences and some important tax issues too. Here are the tax rules that generally apply when a couple's assets are split up in [...]
Size of Charitable Deductions Depends on Many factors
Whether you’re claiming charitable deductions on your 2017 return or planning your donations for 2018, be sure you know how much you’re allowed to deduct. Your deduction depends on more [...]
IRS Approved Family Loan
Today's relatively low-interest-rate environment makes it easy to loan money to family members on favorable terms with full IRS approval. Here's a rundown of what the law covers and why [...]
Tax deduction for moving costs: 2017 vs. 2018
If you moved for work-related reasons in 2017, you might be able to deduct some of the costs on your 2017 return — even if you don’t itemize deductions. (Or, [...]
Families with College Students May Save Tax on Their 2017 Returns With One of These Breaks
Whether you had a child in college (or graduate school) last year or were a student yourself, you may be eligible for some valuable tax breaks on your 2017 return. [...]
Insuring Employees Who Drive Their Own Cars
In many companies, employees drive during the course of their jobs — to make deliveries, call on customers or pick up supplies. In some cases, they use their own cars, [...]
TCJA temporarily lowers medical expense deduction threshold
With rising health care costs, claiming whatever tax breaks related to health care that you can is more important than ever. But there’s a threshold for deducting medical expenses that [...]
2 Tax Credits Just for Small Businesses May Reduce 2017 and 2018 Tax Bills
Tax credits reduce tax liability dollar-for-dollar, potentially making them more valuable than deductions, which reduce only the amount of income subject to tax. Maximizing available credits is especially important now [...]