year end tax planning tips

Now that fall is officially here, it’s a good time to start taking steps that may lower your tax bill for this…

wotc

In today’s tough job market and economy, the Work Opportunity Tax Credit (WOTC) may help employers. Many business owners are hiring and…

q4 2022 tax deadline calendar

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2022. Keep in mind…

In its latest report, the National Association of Realtors (NAR) announced that July 2022 existing home sales were down but prices were…

separating business from real estate

Does your business need real estate to conduct operations? Or does it otherwise hold property and put the title in the name…

Now that Labor Day has passed, it’s a good time to think about making moves that may help lower your small business…

inflation reduction act 2022

You may have heard that the Inflation Reduction Act (IRA) was signed into law recently. While experts have varying opinions about whether…

inflation reduction act

The Inflation Reduction Act (IRA), signed into law by President Biden on August 16, contains many provisions related to climate, energy and…

solo 401k

Do you own a successful small business with no employees and want to set up a retirement plan? Or do you want…

innocent spouse tax rule

When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax…

type of business tax purposes

The business entity you choose can affect your taxes, your personal liability and other issues. A limited liability company (LLC) is somewhat…

business requirements

As you’re aware, certain employers are required to report information related to their employees’ health coverage. Does your business have to comply,…

website costs tax

These days, most businesses have websites. But surprisingly, the IRS hasn’t issued formal guidance on when website costs can be deducted.

early withdrawal penalty IRA

When you take withdrawals from your traditional IRA, you probably know that they’re taxable. But there may be a penalty tax on…

small business tax breaks

Sometimes, bigger isn’t better: Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to larger businesses.…

tax aspects of like-kind exchanges

A business or individual might be able to dispose of appreciated real property without being taxed on the gain by exchanging it…

electric vehicle tax credit

Sales and registrations of electric vehicles (EVs) have increased dramatically in the U.S. in 2022, according to several sources. However, while they’re…

tax obligations going out of business

Sadly, many businesses have been forced to shut down recently due to the pandemic and the economy. If this is your situation,…

mergers and acquisitions

Although merger and acquisition activity has been down in 2022, according to various reports, there are still companies being bought and sold.…

vehicle expense tax deductions

It’s not just businesses that can deduct vehicle-related expenses on their tax returns. Individuals also can deduct them in certain circumstances. Unfortunately,…

q3 2022 tax deadline calendar
News /

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2022. Keep in mind…

Business owners are aware that the price of gas is historically high, which has made their vehicle costs soar. The average nationwide…

estate tax planning

As a result of the current estate tax exemption amount ($12.06 million in 2022), many people no longer need to be concerned…

dividends-received deduction

There’s a valuable tax deduction available to a C corporation when it receives dividends. The “dividends-received deduction” is designed to reduce or…

social security tax update

Some people who begin claiming Social Security benefits are surprised to find out they’re taxed by the federal government on the amounts…

research tax credit for businesses

Here’s an interesting option if your small company or start-up business is planning to claim the research tax credit. Subject to limits,…

calculating corporate estimated tax

The next quarterly estimated tax payment deadline is June 15 for individuals and businesses so it’s a good time to review the rules…

series ee bonds

Many people own Series E and Series EE bonds that were bought many years ago. They may rarely look at them or…

Are you a partner in a business? You may have come across a situation that’s puzzling. In a given year, you may…

qualified charitable distribution

Are you a charitably minded individual who is also taking distributions from a traditional IRA? You may want to consider the tax…

1099k employees

Businesses should be aware that they may be responsible for issuing more information reporting forms for 2022 because more workers may fall…

inflation affecting HSAs

The IRS recently released guidance providing the 2023 inflation-adjusted amounts for Health Savings Accounts (HSAs). High inflation rates will result in next…

The IRS has begun mailing notices to businesses, financial institutions and other payers that filed certain returns with information that doesn’t match…

hobby into business tax rules

Like many people, you may have dreamed of turning a hobby into a regular business. You won’t have any tax headaches if…

What are the tax consequences of selling property used in your trade or business? There are many rules that…

business partnership

Adding a new partner in a partnership has several financial and legal implications. Let’s say you and your partners are planning to…

tax rules s corporation

Operating as an S corporation may help reduce federal employment taxes for small businesses in the right circumstances. Although S corporations may…

mutual funds

If you’re an investor in mutual funds or you’re interested in putting some money into them, you’re not alone. According to the…

Fully deduct meals in 2022 and 2021

The federal government is helping to pick up the tab for certain business meals. Under a provision that’s part of one of…

tax deadline file extension

The clock is ticking down to the April 18 tax filing deadline. Sometimes, it’s not possible to gather your tax information and…

Q2 2022 Tax Calendar
News /

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2022. Keep…

vacation rental property

Summer is just around the corner. If you’re fortunate enough to own a vacation home, you may wonder about the tax consequences…

taxable income

Typically, businesses want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is…

tax favored retirement plan

If your business doesn’t already have a retirement plan, now might be a good time to take the plunge. Current retirement plan…

business bartering

In today’s economy, many small businesses are strapped for cash. They may find it beneficial to barter or trade for goods and…

cut your tax bill with an IRA

If you’re getting ready to file your 2021 tax return, and your tax bill is more than you’d like, there might still…

The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available…

trip tax deductions

If you own your own company and travel for business, you may wonder whether you can deduct the costs of having your…

If you’re married, you may wonder whether you should file joint or separate tax returns. The answer depends on your individual tax…

Do you want to withdraw cash from your closely held corporation at a minimum tax cost? The simplest way is to distribute…