Turn Your Vacation —Even a Luxurious One— into Tax-Deductible Business Travel
Here’s an idea: how about transforming your next vacation into business travel? With careful planning, your transportation to any destination could be fully deductible. This includes airfare—even first-class—luxury hotel stays, and cruise expenses. If you can tie your travel to business purposes, you can enjoy substantial tax savings, depending on your tax bracket. Two Main […]
Tax Reform Doubles Down on S Corporation Reasonable Compensation
For tax years 2018-2025, the Tax Cuts and Jobs Act (TCJA) tax reform gives you a valuable 20 percent deduction on your pass-through business income if you have the right business and the right taxable income. The S corporation is a pass-through entity. That’s one step in the right direction. In addition, the S corporation […]
Self-employed? Amend Tax Returns for up to $32,220 in TaxCredits
If you are self-employed or operate a small corporation, it’s likely that you have not applied for your sick and family leave tax credits. If that’s the case, get your act together and file amended 2021 and 2020 tax returns now. You could find up to$32,220 in tax credits. To see if you could qualify […]
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 […]
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 […]
2023 Health Insurance for S Corporation Owners: An Update
February 2023 If you operate your business as an S corporation, you continue to enjoy good news in 2023 when it comes to your health insurance. In this article, we give you the ins and outs of what you need to do with your S corporation to ensure your health insurance deductions and also avoid […]
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 […]
Update 105-HRAs, MSAs, and FSAs to Allow Over-the- Counter Drugs
Here’s good news. The CARES Act reinstated the ability of health reimbursement arrangements (HRAs) to reimburse and deduct the cost of over-the-counter drugs and added a new deduction for menstrual care products. The changes apply retroactively (yes, retroactively) to amounts paid after December 31, 2019. Business Wins As you likely know, individual taxpayers who itemize […]
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