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Tax Tips for November 2023

Tax Tips for November 2023

by | Nov 1, 2023 |

Click on the links below to jump to each section in this article: New Per Diem Rates for Business Travel Follow IRS Rules to Nail Down a Charitable Tax Deduction Withdrawing ERC Claims   New Per Diem Rates for Business Travel The IRS has announced the per diem rates for ordinary and necessary business travel expenses in fiscal year 2023-24: When using the high-low substantiation method, the rate for travel to high-cost localities is $309 per day and the rate for all other continental United States (CONUS) localities is $214 per day. For meals, the rate is $74 (high) and $64 (all other) per day. The rate for incidental expenses when traveling in or outside the CONUS is $5 per day. These rates are effective beginning Oct. 1, 2023. Questions about per diem rates or other options for...

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Tax Tips for November 2023

Tax Tips for October 2023

by | Oct 27, 2023 |

Click on the links below to jump to each section in this article: IRS Suspends Processing of New ERC Claims What Exactly Is a “Small Business”? Tax Treatment of Cryptocurrency   IRS Suspends Processing of New ERC Claims The IRS is continuing to warn businesses about aggressive marketing by nefarious actors involving the Employee Retention Credit (ERC). It has suspended the processing of ERC claims until at least year end because of a spike in the number of fraudulent claims. The IRS has now issued a series of red flags businesses should bear in mind. Warning signs include: Unsolicited calls mentioning an “easy application process,” Claims that a business qualifies for the ERC even before any discussion of the business's tax situation, and Large upfront fees and additional fees based...

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Moving Out of State? Learn All the Tax Implications First

Moving Out of State? Learn All the Tax Implications First

by | Oct 18, 2023 |

With so many people working remotely these days, thinking about moving to another state has become common — perhaps for better weather or to be closer to family. Business owners might contemplate selling their business as part of an out-of-state move. Many retirees also look at moving to a state with a lower cost of living to stretch their retirement savings. If you’ve found yourself harboring such notions, be sure to consider taxes before packing up your things.

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The Ins and Outs of the Home Office Deduction

The Ins and Outs of the Home Office Deduction

by | Oct 5, 2023 |

The pandemic changed the landscape of work for a lot of people, including the numerous business owners who began running their businesses from their homes. Many are still working from their home offices, whether full-time or on a hybrid basis. If you’re self-employed and run your business from home, or perform certain functions there, you might be able to claim deductions for home office expenses against your business income.

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Don’t Get Carried Away by a Windfall

An “Innocent Spouse” May Be Able to Escape Tax Liability

by | Sep 25, 2023 |

When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income. That means the IRS can pursue either spouse to collect the entire tax, not just the part that’s attributed to one spouse or the other. This includes any tax deficiency that the IRS assesses after an audit, as well as any penalties and interest. In some cases, however, one spouse may be eligible for “innocent spouse relief.” This generally occurs when one spouse was unaware of a tax understatement that was attributable to the other spouse.

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Tax Implications to Be Aware of After a Job Loss

Tax Implications to Be Aware of After a Job Loss

by | Sep 17, 2023 |

Despite the generally robust job market, some people are still losing their jobs. If you’re laid off or terminated from employment, taxes are probably the last thing on your mind. However, you may face tax implications due to your changed personal and professional circumstances. Depending on your situation, these can be complex and require you to make decisions that may affect your tax picture, both this year and in the future.

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Deducting Business-Related Vehicle Expenses

Deducting Business-Related Vehicle Expenses

by | Aug 14, 2023 |

If you’re self-employed and use your car, SUV or other vehicle for business, you can deduct certain business-related vehicle expenses. Depending on the cost of operating the vehicle or how much you drive it, as well as how much of your use of the vehicle is for business purposes, this can add up to a significant tax deduction.

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