You want to be able to deduct business expenses on your tax return. But in order to be deductible, expenses must be ordinary, necessary and reasonable. Here are the rules.
2023 Q4 tax calendar: Key deadlines for businesses and other employers
The leaves are beginning to turn in some areas so it’s time for businesses to start thinking about year-end tax strategies. It’s also a good time to think about the fourth quarter 2023 tax filing deadlines.
IRS suspends processing of ERTC claims
With fraudulent Employee Retention Tax Credit claims on the rise, the IRS has suspended claim processing through year end.
Update on depreciating business assets
Inflation has some beneficial side effects. One is that the amount of depreciation tax breaks your business can claim has increased for 2023. Here are the rules.
Selling your home for a big profit? Here are the tax rules
If you’re selling your principal residence, or you already sold your home in 2023, some or all of the profit may be tax-free. It depends on the amount of profit and your income. Take a look at the basic rules.
IRS issues guidance on new retirement catch-up contribution rules
The SECURE 2.0 Act’s new retirement catch-up contribution rules caused problems and confusion for employers and employees alike. The IRS has now provided guidance.
The IRS warns businesses about ERTC scams
Beware of fraudsters hyping the Employee Retention Tax Credit! Not all businesses are eligible despite the claims you may be hearing on TV or in mail, phone and email solicitations.
Receive more than $10,000 in cash at your business? Here’s what you must do
Some businesses receive large amounts of cash. Depending on the amounts, they may be required to report the transactions to the IRS.
The advantages of using an LLC for your small business
You can operate your small business in several ways. For example, your entity can be a sole proprietorship, an S corporation or a partnership. Here are the advantages of operating as a limited liability company (LLC).