tax
When launching a small business, many entrepreneurs start out as sole proprietors. If you’re launching a venture as a sole proprietorship, you need to understand the tax issues involved. Here…
The Employee Retention Tax Credit (ERTC) was introduced back when COVID-19 temporarily closed many businesses. The credit provided cash that helped enable struggling businesses to retain employees. Even though the…
IRS delays Roth catch-up requirement for two years If you’re 50 or older, you can make an additional $7,500 in “catch-up” contributions to 401(k) and similar plans. However, under SECURE…
Are you seeking options for helping your minor-aged child save for college or other expenses in a tax-efficient manner? A custodial account may be the answer. In a nutshell, it’s…
During the last several years, the 3.8% net investment income tax (NIIT) has ensnared a steadily increasing number of taxpayers. Why? Because when the tax was enacted 11 years ago…
Operating your small business as a Qualified Small Business Corporation (QSBC) could be a tax-wise idea. Tax-free treatment for eligible stock gains QSBCs are the same as garden-variety C corporations…
The IRS has released new guidance on excess benefit transactions (EBTs). So-called disqualified persons and organization managers who engage in such transactions with nonprofits face stiff excise taxes — also…
Here are the current statutory due dates for tax reporting for the 2023 tax year. For calendar year tax returns reporting 2023 information that are due in 2024, the following…
Rather than keeping track of the actual cost of operating a vehicle, employees and self-employed taxpayers can use a standard mileage rate to compute their deduction related to using a…
Various employee plan benefit and contribution limitations are subject to cost of living adjustments (COLA). The Internal Revenue Service has just released the new limits, which are effective as of…
For construction business owners, the arrival of a new year should mean two things: high hopes for a busy twelve months and tax planning. Let’s focus on the latter with…
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may…
One of the most appreciated fringe benefits for owners and employees of small businesses is the use of a company car. This perk results in tax deductions for the employer…
In the midst of holiday parties and shopping for gifts, don’t forget to consider steps to cut the 2023 tax liability for your business. You still have time to take…
If you own residential real estate, you may be considering renting it to family members. As rents continue to rise in many parts of the country, renting property at a…