The Home Office Deduction: Actual Expenses vs. the Simplified Method
If you run your business from home, you might be able to claim a home office deduction.
Author: Andrew Litchford
Posts by Andrew Litchford
Tax Limits for Businesses Increase for 2025
A number of tax limits that affect businesses are annually indexed for inflation, and many have increased for 2022.
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.
Annual Payroll Reporting Requirements for 1099s and Taxable Fringe Benefits
Now is the time to review annual payroll reporting requirements. In this post, we’ll cover 1099 reporting and fringe benefits.
Benefits of a Health Savings Account for Your Small Business
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.
Self-employed? A Solo 401(k) Plan may be Right for You
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
2025 Social Security Wage Base Will Increase
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
4 Year-End Tax Planning Strategies for Small 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
How the Home Sale Gain Exclusion Works
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.
Long-Term Capital Gains Rules when Selling Business Property
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