Working from home has its perks. Not only can you skip the commute, but you also might be eligible for home office deductions on your tax return. Home office deductions for these expenses can save you a bundle, if you meet the tax law qualifications.
Recordkeeping can be a burden on your time, resources, and patience. But as a new business owner, it needs to be one of your highest priorities.
Couples getting married know there are a lot of details in planning a wedding. Along with the cake and gift registry, the first tax return as a married couple should be on your checklist. The IRS has tips and tools to help newlyweds consider how marriage may affect your taxes.
There’s good news about the Section 179 depreciation deduction for business property. The election has long provided a tax windfall to businesses, enabling them to claim immediate deductions for qualified assets, instead of taking depreciation deductions over time. And it was increased and expanded by the Tax Cuts and Jobs Act (TCJA). Even better, the
If you’re considering buying or selling a business — or you’re in the process of a merger or acquisition — it’s important that both parties report the transaction to the IRS in the same way.
Small businesses may find it beneficial to barter for goods and services instead of paying cash for them. If your business engages in bartering, be aware that the fair market value of goods that you receive in bartering is taxable income.
The Tax Cuts and Jobs Act (TCJA) has changed the landscape for business taxpayers. That’s because the law introduced a flat 21% federal income tax rate for C corporations. Under prior law, profitable C corporations paid up to 35%.
Is your business hiring this summer? If the employees come from certain “targeted groups,” you may be eligible for the Work Opportunity Tax Credit (WOTC).
If you are concerned that you are missing an important step in starting a business, don’t fret; we can help you get started. One of the most commonly overlooked steps in starting a small business—and something you should do before you do almost anything else—is to register your business with your state.
If federal income tax and employment taxes (including Social Security) are withheld from employees’ paychecks and not handed over to the IRS, a harsh penalty can be imposed. To make matters worse, the penalty can be assessed personally against a “responsible individual.”