nanny tax 2020

Have you heard of the “nanny tax?” Even if you don’t employ a nanny, it may apply to you. Hiring a house…

cost segregation study 2021

If your business is depreciating over a 30-year period the entire cost of constructing the building that houses your operation, you should…

vacation home tax considerations

If you’re fortunate enough to own a vacation home, you may want to rent it out for part of the year. What…

travel per diem rates
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Are employees at your business traveling again after months of virtual meetings? In Notice 2021-52, the IRS announced the fiscal 2022 “per…

art charitable deductions rules

If you own a valuable piece of art, or other property, you may wonder how much of a tax deduction you could…

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2021. Keep in mind…

Studies have found that more people are engaging in online gambling and sports betting since the pandemic began. And there are still…

mergers and acquisitions q&a

Low interest rates and other factors have caused global merger and acquisition (M&A) activity to reach new highs in 2021, according to…

Given the escalating cost of health care, there may be a more cost-effective way to pay for it. For eligible individuals, a…

business vehicle tax breaks

If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The rules are…

small business week
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The week of September 13-17 has been declared National Small Business Week by the Small Business Administration. To commemorate the week, here…

As we approach the holidays and the end of the year, many people may want to make gifts of cash or stock…

A business may be able to claim a federal income tax deduction for a theft loss. But does embezzlement count as theft?…

In order to prepare for a business audit, an IRS examiner generally does research about the specific industry and issues on the…

Employer-provided life insurance is a coveted fringe benefit. However, if group term life insurance is part of your benefit package, and the…

If you’re a business owner and you’re getting a divorce, tax issues can complicate matters. Your business ownership interest is one of…

There may be a tax-advantaged way for people to save for the needs of family members with disabilities — without having them…

guaranteeing a loan

What if you decide to, or are asked to, guarantee a loan to your corporation? Before agreeing to act as a guarantor,…

If your child is fortunate enough to be awarded a scholarship, you may wonder about the tax implications. Fortunately, scholarships (and fellowships)…

If your business receives large amounts of cash or cash equivalents, you may be required to report these transactions to the IRS.

If you have a parent entering a nursing home, you may not be thinking about taxes. But there are a number of…

Is LLC the right choice for my business

Perhaps you operate your small business as a sole proprietorship and want to form a limited liability company (LLC) to protect your…

Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched. From June 2020…

Investment portfolio self management expense deduction

Do you have significant investment-related expenses, including the cost of subscriptions to financial services, home office expenses and clerical costs? Under current…

risk assessment trust fund penalty small business

There’s a harsh tax penalty that you could be at risk for paying personally if you own or manage a business with…

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The IRS just released its audit statistics for the 2020 fiscal year and fewer taxpayers had their returns examined as compared with…

10 facts about pass through deductions

Are you eligible to take the deduction for qualified business income (QBI)? Here are 10 facts about this valuable tax break, referred…

employee retention tax credit

The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act…

medicare premiums

Are you age 65 and older and have basic Medicare insurance? You may need to pay additional premiums to get the level…

As we continue to come out of the COVID-19 pandemic, you may be traveling again for business. Under tax law, there are…

College Savings Fund

If you’re a parent with a college-bound child, you may be concerned about being able to fund future tuition and other higher…

If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have…

If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other nontax benefits. The…

child tax credit
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Eligible parents will soon begin receiving payments from the federal government. The IRS announced that the 2021 advance child tax credit (CTC)…

The IRS recently released guidance providing the 2022 inflation-adjusted amounts for Health Savings Accounts (HSAs). Fundamentals of HSAs

tax filing questions

Even after your 2020 tax return has been successfully filed with the IRS, you may still have some questions about the return.…

S corporation

If your business is organized as a sole proprietorship or as a wholly owned limited liability company (LLC), you’re subject to both…

Before the COVID-19 pandemic hit, the number of people engaged in the “gig” or sharing economy had been growing, according to several…

Many businesses use independent contractors to help keep their costs down. If you’re among them, make sure that these workers are properly…

TAX DAY IS MAY 17

“Tax day” is just around the corner. This year, the deadline for filing 2020 individual tax returns is Monday, May 17, 2021.…

employee education assistance
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Many businesses provide education fringe benefits so their employees can improve their skills and gain additional knowledge. An employee can receive, on…

adhere to tax filing deadlines

The May 17 deadline for filing your 2020 individual tax return is coming up soon. It’s important to file and pay your…

energy tax credits

Are you wondering whether alternative energy technologies can help you manage energy costs in your business? If so, there’s a valuable federal…

Owners of incorporated businesses know that there’s a tax advantage to taking money out of a C corporation as compensation rather than…

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Beginning Jan. 1, 2021, through Dec. 31, 2022, businesses can claim 100% of their food or beverage expenses paid to restaurants as…

The housing market in many parts of the country is strong this spring. If you’re buying or selling a home, you should…

Simple SEP Retirement Savings Plans

Are you thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and…

head of household status

When you file your tax return, you must check one of the following filing statuses: Single, married filing jointly, married filing separately,…

hire your child

As a business owner, you should be aware that you can save family income and payroll taxes by putting your child on…

Life Insurance and your estate

If you have a life insurance policy, you may want to ensure that the benefits your family will receive after your death…