Buy or Lease a Business Vehicle: Which Costs Less?
If you’re trying to decide between leasing and buying your next business vehicle, one question is probably foremost in your mind: Which option costs less? Unfortunately, comparing the costs of leasing and buying isn’t as simple as it looks. To do it right, you must consider not just out-of-pocket costs but also cash available, the […]
New FinCEN Filings Go into Effect on January 1
For existing businesses, the Corporate Transparency Act (CTA) goes into effect on January 1, 2024, and imposes a brand-new federal filing requirement on most corporations, limited liability companies, and limited partnerships and on certain other business entities. No later than December 31, 2024, all non-exempt business entities must file a beneficial owner information report (BOI […]
Beware of the Dreaded Wash Sale Rule When Harvesting TaxLosses
You generally think of tax loss harvesting as a year-end strategy. And it truly is a good one. But it’s also a “whenever you need it” strategy. For example, say you used a lot of “kick the can down the road” strategies this year and need a big loss to offset gains in 2024. You […]
2023 Last-Minute Year-End General Business Income Tax Deductions
The purpose of this article is to get the IRS to owe you money. Of course, the IRS will not likely cut you a check for this money—although in the right circumstances, that will happen. But in most cases, you’ll probably realize the cash when you pay less in taxes. This article gives you six […]
Should You Convert Your Personal Vehicle to Business Use?
Remember Mel Practess, the attorney you met last month who came out ahead by using his wife’s car for business? Once Mel and Sharpe, his wife, started using both cars, they had 73.7 percent business use of each car.1 Before their agreement to switch cars every week, Mel drove one car and achieved 93.3 percent […]
Why Some Business Owners Prefer Individual HSAs
12 Answers to Questions on Proving Expenses for Business Travel
IRS warns of new scam involving unclaimed refunds
The Internal Revenue Service and its Security Summit partners are cautioning taxpayers and tax professionals to beware of a new scam in which fraudsters are sending out cardboard envelopes from a delivery service asking people to send photos and bank account information so they can receive an unclaimed tax refund. The envelope has a letter […]
It’s Not Too Late: Qualify Now for Your 2020 and 2021 ERC Money
One Ugly Rule for Owners of S Corporations Deducting Health Insurance
An ugly rule applies to how S corporation owners deduct the cost of health insurance that a corporation puts on its W-2s. The words that make this an ugly rule are “earned income,” and this is unusual because you generally think of earned income as a good thing. But for the S corporation owner who […]