What are the Rules for Deducting Business Travel Expenses?
As we come out of the pandemic, you may be traveling again for business. There are a number of rules for deducting business travel expenses. Here are some of them.
As we come out of the pandemic, you may be traveling again for business. There are a number of rules for deducting business travel expenses. Here are some of them.
Now is the time to review annual payroll reporting requirements. In this post, we’ll cover 1099 reporting and fringe benefits.
Due to the rising cost of healthcare, your business may be interested in providing some of the benefits of a health savings account to their employees.
For small business owners with no employees (except a spouse) looking to establish a retirement plan, a solo 401(k) is worth considering. This option is also suitable for self-employed individuals or business owners wanting to upgrade from a SIMPLE IRA or SEP plan. A solo 401(k), also called an individual 401(k), may offer benefits in
As we near 2025, the Social Security wage base is set to change. The Social Security Administration has revealed that the wage base for calculating Social Security tax will rise to $176,100 in 2025 (up from $168,600 in 2024). Earnings and self-employment income above this threshold won’t be subject to Social Security tax. For businesses
September is a great month to start implementing tax planning strategies that could reduce your small business taxes for this year and next. For the majority of businesses, the traditional year-end tax planning strategy of deferring income and accelerating deductions to minimize taxes will probably yield the most significant results. In addition, owners should consider
If you sell your home, you might be able to pocket up to a half million dollars in gain from the sale without owing any federal income tax. How? By claiming the home sale gain exclusion. But various rules and limits apply, so it’s important to understand the ins and outs of this tax break.
If you’re selling business property used in your trade or business, you should understand the tax implications. There are many complex rules that can potentially apply. To simplify this discussion, let’s assume that the property you want to sell is land or depreciable property used in your business, and has been held by you for
Here are some of the key tax deadlines affecting businesses and other employers during the third quarter of 2021.
The IRS recently released guidance providing the 2022 inflation-adjusted amounts for Health Savings Accounts (HSAs).