If you’re buying or replacing a vehicle that you’ll use in your business, be aware that a heavy SUV may provide a more generous tax break this year...
Blog
Have employees who receive tips? Here are the tax implications
Many businesses in certain industries employ individuals who receive tips as part of their compensation. These businesses include restaurants,...
Tax-saving ways to help pay for college — once your child starts attending
If you have a child or grandchild in college — congratulations! To help pay for the expenses, many parents and grandparents saved for years in...
How the new SECURE 2.0 law may affect your business
If your small business has a retirement plan, and even if it doesn’t, you may see changes and benefits from a new law. The Setting Every Community...
Tax-wise ways to save for college
If you’re a parent or grandparent with college-bound children, you may want to save to fund future education costs. Here are several approaches to...
Employers should be wary of ERC claims that are too good to be true
The Employee Retention Credit (ERC) was a valuable tax credit that helped employers that kept workers on staff during the height of the COVID-19...
Renting to a relative? Watch out for tax traps
If you own a home and rent it to a relative, you may be surprised to find out there could be tax consequences. Quick rundown of the rules Renting...
How to minimize the S corporation LIFO recapture tax
If you’re considering converting your C corporation to an S corporation, be aware that there may be tax implications if you’ve been using the last...
The standard business mileage rate is going up in 2023
Although the national price of gas is a bit lower than it was a year ago, the optional standard mileage rate used to calculate the deductible cost...
Adopting a child? Bring home a tax break too
Two tax benefits are available to offset the expenses of adopting a child. In 2022, adoptive parents may be able to claim a credit against their...
Computer software costs: How does your business deduct them?
These days, most businesses buy or lease computer software to use in their operations. Or perhaps your business develops computer software to use in...
2023 limits for businesses that have HSAs — or want to establish them
No one needs to remind business owners that the cost of employee health care benefits keeps going up. One way to provide some of these benefits is...
Plan now to make tax-smart year-end gifts to loved ones
Are you feeling generous at year end? Taxpayers can transfer substantial amounts free of gift taxes to their children or other recipients each year...
Tax and other financial consequences of tax-free bonds
If you’re interested in investing in tax-free municipal bonds, you may wonder if they’re really free of taxes. While the investment generally...
What local transportation costs can your business deduct?
You and your small business are likely to incur a variety of local transportation costs each year. There are various tax implications for these...
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