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Tax Advice Small Business

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Tax Advice: Q&As About 2020 Individual Tax Limits

February 4, 2020

Not all tax figures are annually adjusted for inflation or change due to legislation. But many do. Here are some Q&As about tax-related figures for 2020.
For Small Businesses: Numerous Tax Limits Have Increased

February 4, 2020

How much can your employees contribute to 401(k) plans this year? How much do employees have to earn in 2020 before they can stop paying Social Security tax? Here are the answers
to these and other questions about annual tax-related inflation adjustments affecting businesses.
For Small Businesses: Cents-Per-Mile Rate Decreases Slightly for 2020

January 25, 2020

Your business can generally claim vehicle expense deductions by either calculating the actual expenses or using the IRS’s standard mileage rate, which has decreased slightly for
2020. Here are the details.
Tax Advice: Can You Deduct Charitable Gifts on Your Tax Return?

January 25, 2020

You may assume that if you make a charitable contribution to an eligible organization, you’ll receive a tax break for it. That may not be the case anymore. Here’s why.
Infographic: Landlords, Include These Payments in Your Gross Income

January 22, 2020

You probably already know that you need to count rental income as part of your federal gross income. What you may not know is that you must include these four additional kinds of
income.
Tax Advice: Help Protect Your Personal Information

January 17, 2020

Be an early-bird tax return filer this year. It may protect you from tax identity theft. Here’s why.
For Small Businesses: New Rules to Affect Annual Disclosures

January 17, 2020

Are you an employer who sponsors a tax-favored defined contribution plan? The recently enacted SECURE Act includes a new requirement for you. Here are the details.
Tax Advice: 4 Law Changes That May Affect Your Retirement Plan

January 9, 2020

A new law might provide you with tax-saving opportunities related to your IRA or retirement plan.
For Small Businesses: New Law Helps Make Employees' Retirement Secure

January 6, 2020

Small businesses: The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) was recently signed into law. It has provisions that may be of interest to you if you
have a retirement plan for employees or are thinking of adding one.
Tax Advice: Your Home Expenses May Be Tax Deductible

January 3, 2020

These days, many people work from home. But they don’t all qualify to deduct the expenses of a home office on their tax returns. Here are the basic rules.
For Small Businesses: New Law Provides Variety of Tax Breaks

January 3, 2020

Good news for businesses and employers: A new law provides federal tax relief. Here are five highlights.
Infographic: Is It Time to Change Performance Reviews?

December 27, 2019

There may be a better way to conduct employee performance reviews. Consider this!
Tax Advice: Understanding Taxes on Your Side Gig

December 18, 2019

These days, many people have side “gigs” to earn extra money. Find out more about the tax consequences of taking on these jobs.
Tax Advice: Adopting a Child? Bring Home Tax Savings, Too

December 10, 2019

If you’re adopting a child, it is one of the happiest experiences of your life. There also may be substantial tax breaks available to offset the costs.
For Small Businesses: Key 2020 Q1 Tax Deadlines

December 10, 2019

Your business faces a variety of tax-related deadlines in the first quarter of 2020.
Tax Advice: 3 Last-Minute Tips to Help Trim Your Tax Bill

December 6, 2019

Before you know it, 2020 will be here. You may still have time to reduce your federal tax liability by taking these steps.
Tax Advice: Medical Expenses & What It Takes to Qualify for a Tax Deduction

December 4, 2019

You may wonder if you can get a tax break for medical and dental expenses, as well as prescription drugs. Here’s what it takes and how you might be able to benefit by moving
certain expenses into 2019.
For Small Businesses: 2 Valuable Year-End Tax-Savings Tools

December 4, 2019

How can your business save tax before year end? If you buy eligible assets and place them in service by December 31, you can claim valuable depreciation deductions. It’s a potent
year-end tax planning strategy.
Tax Advice: What Is Your Taxpayer Filing Status?

November 21, 2019

Should you file your tax return as a single person, a married couple filing jointly, a “head of household” or some other status? This explains what the federal tax filing statuses
are and who can claim them.
For Small Businesses: If Your Business Engages in Environmental Cleanup

November 21, 2019

Many businesses engage in cleaning up environmental contamination. Unfortunately, every type of environmental cleanup expense cannot be currently deducted on your tax return. Here
are the basic rules.
Infographic: 5 Ways to Trim 2019 Taxes

November 21, 2019

Does your business use an accrual-based accounting system? If so, check this out.
Tax Advice: Using Your 401(K) Plan to Save This Year & Next

November 13, 2019

Have you been contributing enough in 2019 to your employer’s 401(k) plan or Roth 401(k)? Here are the contribution limits for this year and the just-announced limit for 2020.
For Small Businesses: Get Ready for Your 1099-MISC Reporting Requirements

November 13, 2019

Has your small business paid independent contractors, vendors or others at least $600 for services during 2019? Here are the reporting requirements you may face.
Tax Advice: Consider a Tax-Advantaged Account for Disabled Family

November 8, 2019

Do you want to provide extra money to a disabled family member but you don’t want them to lose eligibility for government benefits to which they’re entitled? Consider a
tax-advantaged ABLE account.
For Small Businesses: Avoid a Severe Payroll Tax Penalty

November 8, 2019

Did you know you could be personally liable for a harsh penalty if payroll taxes withheld from your employees aren’t paid over to the federal government? Learn more about whom the
IRS can go after at your business.

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