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What Expenses Can’t Be Written Off by Your Business?

What Expenses Can’t Be Written Off by Your Business?

by | Jun 17, 2024 |

If you check the Internal Revenue Code, you may be surprised to find that most business deductions aren’t specifically listed there. For example, the tax law doesn’t explicitly state that you can deduct office supplies and certain other expenses. Some expenses are detailed in the tax code, but the general rule is contained in the first sentence of Section 162, which states you can write off “all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business.”

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Does the Corporate Transparency Act Apply to Your Business?

Does the Corporate Transparency Act Apply to Your Business?

by | Jun 10, 2024 |

Under the Corporate Transparency Act (CTA), many businesses are subject to new reporting requirements that went into effect on January 1, 2024. That means certain companies are required to provide information related to their “beneficial owners,” that is, the individuals who ultimately own or control the company, to the Financial Crimes Enforcement Network (FinCEN). Failure to submit a beneficial ownership information (BOI) report may result in civil or criminal penalties, or both.

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Tax Tips for July 2024

Tax Tips for June 2024

by | Jun 3, 2024 |

Click on the links below to jump to each section in this article: Help Prevent Financial Scams Aimed at Older People Boost Your Home Improvements with Tax Credits Tax Breaks for Increasing Accessibility   Help Prevent Financial Scams Aimed at Older People In any season, scam artists are seeking new ways to steal financial data and money from vulnerable people. Such fraudulent activities often target older adults. Here are three ways to help prevent elder financial abuse and fraud, whether you’re in this age bracket or you share them with senior loved ones: Exercise caution when making financial decisions. If someone exerts pressure or promises unreasonably high or guaranteed returns, walk away. Be alert for phony phone calls. The IRS doesn’t collect money this way. Another scam...

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To Get an “Early” Refund, Adjust Your Withholding

To Get an “Early” Refund, Adjust Your Withholding

by | May 20, 2024 |

If you received a large refund this year, you may want to adjust your withholding. Each year, millions of taxpayers claim an income tax refund. To be sure, receiving a payment from the IRS for a few thousand dollars can be a pleasant influx of cash. But it means you were essentially giving the government an interest-free loan for close to a year, which isn’t the best use of your money.

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The Advantages of Hiring Your Minor Children for Summer Jobs

The Advantages of Hiring Your Minor Children for Summer Jobs

by | May 13, 2024 |

If you’re a small-business owner and you hire your children this summer, you may be able to secure tax breaks and other nontax benefits. The kids can gain bona fide on-the-job experience, save for college and learn how to manage money. You may be able to shift some of your high-taxed income into tax-free or low-taxed income, and, depending on the situation, you may realize payroll tax savings. Perhaps best of all, your kids will spend time with you.

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Tax Tips for July 2024

Tax Tips for May 2024

by | May 6, 2024 |

Click on the links below to jump to each section in this article: The “Nanny Tax” Must Be Paid for Nannies and Other Household Employees Discovering a Mistake After Your Tax Return Is Filed What to Do if Your Business’s Data Security Is Breached   The “Nanny Tax” Must Be Paid for Nannies and Other Household Employees If you employ a household worker who isn’t an independent contractor, you may be required to pay employment taxes on the worker’s cash wages. This is commonly referred to as the “nanny tax.” In 2024, when a household employee’s cash wages reach at least $2,700, you must pay the employer share of Social Security (6.2%) and Medicare (1.45%) taxes and withhold the employee share of these taxes (also 6.2% and 1.45%, respectively). You aren’t required to withhold federal...

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