2024 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 […]
List of Popular Vehicles with GVWRs Greater Than 6,000 Pounds
As you know, the fastest vehicle deductions are found with SUVs, crossover vehicles, and pickup trucks with gross vehicle weight ratings (GVWRs) greater than 6,000 pounds. These vehicles avoid the limitations on depreciation for luxury automobiles.1 Below, you will find some of the vehicles that qualify for the bigger deductions. But here’s the ultimate proof. […]
Tax-Saving Tips
Tax Guide to Deducting Long-Term Care Insurance Premiums Long-term care costs can be substantial, and neither Medicare nor Medicaid provide comprehensive coverage for most people. Long-term care insurance can help protect your finances, and there may be ways to deduct the premiums, depending on your business structure. Here are four key points to consider: C […]
Smart Solutions That Decrease Social Security and Medicare Taxes
Employees, employers, and self-employed individuals all pay federal employment taxes—meaning Social Security and Medicare taxes—and the hits get bigger every year. Here’s an update, along with suggestions on how to mitigate the pain. How High Can My Social Security Tax Bill Be? It may already be a lot bigger than you think! If you are […]
Do You Need to Amend Your 2020 Tax Return for the 2020 ERC?
Question I know that the IRS requires that I amend the 2020 tax return for my 2020 Employee Retention Credit (ERC). Here’s the deal: I don’t have the credit yet. And as you know, the IRS stopped processing ERC claims from September 14, 2023, through at least December 31, 2023. My claim was filed during […]
Helicopter View of 2023 Meals and Entertainment
The article discusses changes to the business meal deduction for the year 2023 and beyond. As of now, the deduction for business meals is only 50 percent—a significant change from the previous 100 percent deduction for business meals in and from restaurants, which was applicable only for the years 2021 and 2022. Additionally, many business-generating […]
Big Tax Changes To Know for 2023
Alert: A Massive New FinCEN Filing Requirement Is Coming The Corporate Transparency Act (CTA) is a new law passed in 2021 that requires corporations, LLCs, and other business entities to provide information about their owners to the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). The CTA did not take effect immediately. Rather, Congress […]
$80 Billion to the IRS: What It Means for You
For the business owner and tax practitioner, the most important part of the Inflation Reduction Act of 2022 was not the tax credit for flashy new electric cars. It was something much more basic: a long-term budget commitment to help the struggling, failing IRS. The Inflation Reduction Act invests an additional $80 billion in the […]
Act Now: Claim Your 2020 and 2021 Employee Retention Credit (ERC)
During much of 2020 and 2021, you may have qualified for the Employee Retention Credit (ERC). With the ERC, you found (or could find) tax credits of up to $26,000 per employee. That’s a lot. With 10 employees, that’s $260,000. Key point. If you have not claimed the ERC, you can amend your 2020 and […]
IRS Says Your Independent Contractors Are Employees: Use the CSP
Uh-oh! The IRS audited your business and concluded that you misclassified some workers as independent contractors. The IRS says they are employees. You are worried—rightfully worried. If you got this wrong, the IRS will assess years of back employment taxes, plus penalties and interest. The dollar amounts can be huge. This is the second in […]
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