Business applications have increased over the past year, according to the U.S. Census Bureau. If you’re launching a business, here’s how start-up expenses are treated on a federal tax return.
If you spend money personally on behalf of your closely held corporation, you want to make sure either you or the business can deduct the expense. Here are the rules.
Have you inherited assets or are you planning your estate? If so, it’s crucial to understand the current “step-up” basis rules and why they might change.
The IRS will impose the “Trust Fund Recovery Penalty” on certain business owners and managers personally if employment taxes aren’t paid to the government. Find out if you could be liable.
An IRS audit seems scary but may be nothing to worry about. In many cases, the IRS closes an audit after receiving requested documentation. Here are the latest IRS statistics, as well as some tips on how to help come out of an audit with a favorable result.
If your business hasn’t already claimed the Employee Retention Tax Credit, you should check out if you’re eligible. The money can help with the costs you incur in hiring and retaining employees during the pandemic.
If you have Medicare insurance (including supplemental), you know it can be expensive to get the coverage you want. But you may be able to deduct the cost of premiums, along with other medical expenses, on your tax return. Here are the rules.
Although you might want to enjoy the lazy days of summer, employers and businesses should be careful not to miss these third quarter 2021 tax deadlines.
Are you a business owner with teenage or college-age children who constantly need cash? You may want to hire them to work at your business. You’ll save taxes and realize other benefits.
If you’re subject to the 3.8% net investment income tax, you should include it in your tax planning. Here is who the tax applies to and some strategies to minimize it.
Businesses that provide Health Savings Accounts to employees know they have a variety of benefits. Here are a few of them, along with the inflation-adjusted amounts for the 2022 calendar year.
Business owners that operate as an S corporation are subject to income tax, but not self-employment tax, on their share of the entity’s income. Here’s how the rules work.
Employee or independent contractor? That’s the question businesses ask when they bring on certain workers. Here are the basic rules to help keep you out of tax trouble.