February 17, 2025
From flights to meals: A guide to business travel tax deductions
The tax implications of renting out a vacation home
December 20, 2023
Many Americans own a vacation home or aspire to purchase one. If you own a second home in a waterfront community, in the mountains or in a…
How IRS auditors learn about your business industry
December 18, 2023
Ever wonder how IRS examiners know about different industries so they can audit various businesses? They generally do research about…
A refresher on the trust fund recovery penalty for business owners and executives
December 15, 2023
One might assume the term “trust fund recovery penalty” has something to do with estate planning. It’s important for business owners and…
Business automobiles: How the tax depreciation rules work
December 13, 2023
Do you use an automobile in your trade or business? If so, you may question how depreciation tax deductions are determined. The rules are…
Are scholarships tax-free or taxable?
December 11, 2023
With the rising cost of college, many families are in search of scholarships to help pay the bills. If your child is awarded a scholarship,…
Valuations can help business owners plan for the future
December 8, 2023
If someone was to suggest that you should have your business appraised, you might wonder whether the person was subtly suggesting that you…
The Social Security wage base for employees and self-employed people is increasing in 2024
December 4, 2023
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $168,600 for…
Facing a future emergency? Two new tax provisions may soon provide relief
December 1, 2023
Perhaps you’ve been in this situation before: You have a financial emergency and need to get your hands on some cash. You consider taking…
New per diem business travel rates kicked in on October 1
November 27, 2023
Are employees at your business traveling and frustrated about documenting expenses? Or perhaps you’re annoyed at the time and energy that…
Contributing to your employer’s 401(k) plan: How it works
November 24, 2023
If you’re fortunate to have an employer that offers a 401(k) plan, and you don’t contribute to it, you may wonder if you should…
Businesses: Know who your privileged users are … and aren’t
November 22, 2023
Given the pervasiveness of technology in the business world today, most companies are sitting on treasure troves of sensitive data that…
Choosing a business entity: Which way to go?
November 20, 2023
If you’re planning to start a business or thinking about changing your business entity, you need to determine what will work best for you.…
A cost segregation study may cut taxes and boost cash flow
November 17, 2023
Is your business depreciating over 30 years the entire cost of constructing the building that houses your enterprise? If so, you should…
What you need to know about restricted stock awards and taxes
November 15, 2023
Restricted stock awards are a popular way for companies to offer equity-oriented executive compensation. Some businesses offer them instead…
Is your business subject to the new BOI reporting rules?
November 13, 2023
The Corporate Transparency Act (CTA) was signed into law to fight crimes commonly associated with illegal business activities such as…
Benefits of a living trust for your estate
October 27, 2023
You may think you don’t need to make any estate planning moves because of the generous federal estate tax exemption of $12.92 million for…
Keep these DOs and DON’Ts in mind when deducting business meal and vehicle expenses
October 25, 2023
If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have…
Avoid succession drama with a buy-sell agreement
October 23, 2023
Recently, the critically acclaimed television show “Succession” aired its final episode. If the series accomplished anything, it was…
Traveling for business this summer? Here’s what you can deduct
October 20, 2023
If you and your employees are traveling for business this summer, there are a number of considerations to keep in mind. Under tax law, in…
Reduce the impact of the 3.8% net investment income tax
October 18, 2023
High-income taxpayers face a regular income tax rate of 35% or 37%. And they may also have to pay a 3.8% net investment income tax (NIIT)…
Why businesses may want to consider ESG in strategic planning
October 16, 2023
When engaging in strategic planning, business owners and their leadership teams must consider various factors. These commonly include the…
Advantages and disadvantages of claiming big first-year real estate depreciation deductions
October 13, 2023
Your business may be able to claim big first-year depreciation tax deductions for eligible real estate expenditures rather than depreciate…
When can seniors deduct Medicare premiums on their tax returns?
October 11, 2023
If you’re age 65 and older and have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you…
In financial planning, forecasts and projections aren’t the same
October 9, 2023
Businesses are rightly encouraged to regularly generate professionally prepared financial statements. Doing so is important for both…