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.
Author: Andrew Litchford
Posts by Andrew Litchford
How to Determine Reasonable Compensation for Business Owners
There’s no easy way to determine reasonable compensation. Here are some steps you can take to make it more likely that the compensation you earn will be considered “reasonable.”
Hiring Your Child This Summer? Here are Some Tax Advantages
As a business owner, you should be aware that you can save family income and payroll taxes by hiring your child.
How to Survive an IRS Audit
IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among those selected to be examined.
Tax Limits for Businesses Increase for 2023
A number of tax limits that affect businesses are annually indexed for inflation, and many have increased for 2022.
QBI Deduction Basics and How to Qualify
If you own a business, you may wonder if you’re eligible to take the qualified business income deduction (QBI deduction).
What are the New Tax Credits in the Inflation Reduction Act?
On August 16, 2022, the Inflation Reduction Act was signed into law. Included in this act are several tax credits focused on green initiatives. You may be wondering… what are these new tax credits in the Inflation Reduction Act? And how can I benefit? Here’s how to take advantage of the new tax credits in
How Section 179 Can Lower Your Business Tax Liability in 2022
Did your business purchase equipment, like new computers for the team or vehicles for deliveries, this year? If so, Section 179 is a worthwhile piece of tax law that may help you lower your business tax liability in 2022. In This Article: Section 179 allows for qualified software, equipment, and business expenses to be deducted
IRS Adjusts Retirement Plan Contribution Limits for 2023
How much can you and your staff put into your 401(k)s or other retirement plans for the upcoming year? The IRS has announced cost-of-living changes that increase most retirement plan contribution limits for 2023. Inflation caused the amounts to rise more than they did in prior years. 401(k) plans Employees who participate in 401(k) plans
Avoid Capital Gains Tax with a 1031 Exchange
Do you own investment or commercial property where the value has significantly increased? If you sell the property, you might owe a sizable amount in capital gain taxes. Consider a Section 1031 exchange, sometimes referred to as a like-kind exchange, where you trade qualified properties while paying little to no current tax as a possible