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Small Business & Individual Tax Briefs

► New option for unused funds in a 529 college savings plan

► Tax-wise ways to take cash from your corporation while avoiding dividend treatment

► If you didn’t contribute to an IRA last year, there’s still time

► Taking your spouse on a business trip? Can you write off the costs?

► Get ready for the 2023 gift tax return deadline

► What’s the best accounting method route for business tax purposes?

► Filing jointly or separately as a married couple: What’s the difference?

► 9 tax considerations if you’re starting a business as a sole proprietor

► If you gave to charity in 2023, check to see that you have substantiation

► Update on IRS efforts to combat questionable Employee Retention Tax Credit claims

► Answers to your tax season questions

► Should your business offer the new emergency savings accounts to employees?

► Tax-favored Qualified Small Business Corporation status could help you thrive

► New Threshold for Filing Electronic Information Returns Kicked In Jan. 1

► The kiddie tax could affect your children until they’re young adults

► Does your business have employees who get tips? You may qualify for a tax credit

► It’s possible (but not easy) to claim a medical expense tax deduction

► Defer a current tax bill with a like-kind exchange

► Don’t overlook taxes when contemplating a move to another state

► The standard business mileage rate will be going up slightly in 2024

► Court awards and out-of-court settlements may (or may not) be taxed

► 2024 Q1 tax calendar: Key deadlines for businesses and other employers

► The “nanny tax” must be paid for nannies and other household workers

► Giving gifts and throwing parties can help show gratitude and provide tax breaks

► A company car is a valuable perk but don’t forget about taxes

► Year-End Tax Planning Tips for Individuals

► Don’t forget to empty out your flexible spending account

► There still may be time to reduce your small business 2023 tax bill

► Key 2024 inflation-adjusted tax amounts for individuals

► Key 2024 inflation-adjusted tax parameters for small businesses and their owners

► A cost segregation study may cut taxes and boost cash flow

► What you need to know about restricted stock awards and taxes

► Choosing a business entity: Which way to go?

► Contributing to your employer’s 401(k) plan: How it works

► New per diem business travel rates kicked in on October 1

► Facing a future emergency? Two new tax provisions may soon provide relief

► The Social Security wage base for employees and self-employed people is increasing in 2024

► Are scholarships tax-free or taxable?

► Business automobiles: How the tax depreciation rules work

► The tax implications of renting out a vacation home

► How IRS auditors learn about your business industry

► Casualty loss tax deductions may help disaster victims in certain cases

► What types of expenses can’t be written off by your business?

► What are the tax implications of winning money or valuable prizes?

► 2023 Q4 tax calendar: Key deadlines for businesses and other employers

► Evaluate whether a Health Savings Account is beneficial to you

► It’s important to understand how taxes factor into M&A transactions

► Investment swings: What’s the tax impact?

► Spouse-run businesses face special tax issues

► Plan now for year-end gifts with the gift tax annual exclusion

► Update on depreciating business assets

► Selling your home for a big profit? Here are the tax rules

► Divorcing business owners should pay attention to the tax consequences

► The tax consequences of employer-provided life insurance

► Guaranteeing a loan to your corporation? There may be tax implications

► Disabled family members may be able to benefit from ABLE accounts

► Planning ahead for 2024: Should your 401(k) help employees with emergencies?

► Can you deduct student loan interest on your tax return?

► Receive more than $10,000 in cash at your business? Here’s what you must do

► Pocket a tax break for making energy-efficient home improvements

► The advantages of using an LLC for your small business

► Moving Mom or Dad into a nursing home? 5 potential tax implications

► A tax-smart way to develop and sell appreciated land

► Retirement account catch-up contributions can add up

► Corporate officers or shareholders: How should you treat expenses paid personally?

► Inheriting stock or other assets? You’ll receive a favorable “stepped-up basis”

► Use an S corporation to mitigate federal employment tax bills

► That email or text from the IRS: It’s a scam!

► Starting a business? How expenses will be treated on your tax return

► The best way to survive an IRS audit is to prepare

► The Trust Fund Recovery Penalty: Who can it be personally assessed against?

► Are you married and not earning compensation? You may be able to put money in an IRA

► 2023 Q3 tax calendar: Key deadlines for businesses and other employers

► When can seniors deduct Medicare premiums on their tax returns?

► Advantages and disadvantages of claiming big first-year real estate depreciation deductions

► Reduce the impact of the 3.8% net investment income tax

► Traveling for business this summer? Here’s what you can deduct

► Benefits of a living trust for your estate

► Keep these DOs and DON’Ts in mind when deducting business meal and vehicle expenses

► Being a gig worker comes with tax consequences

► The IRS has just announced 2024 amounts for Health Savings Accounts

► 4 tax challenges you may encounter if you’re retiring soon

► If you’re hiring independent contractors, make sure they’re properly handled

► Use the tax code to make business losses less painful

► Education benefits help attract, retain and motivate your employees

► Tax news for investors and users of cryptocurrency

► 4 ways corporate business owners can help ensure their compensation is “reasonable”

► There’s a favorable “stepped-up basis” if you inherit property

► Take advantage of the rehabilitation tax credit when altering or adding to business space

► Paperwork you can toss after filing your tax return

► Retirement saving options for your small business: Keep it simple

► The tax rules for donating artwork to charity

► The tax advantages of hiring your child this summer

► Some taxpayers qualify for more favorable “head of household” tax filing status

► Choosing an entity for your business? How about an S corporation?

► Two important tax deadlines are coming up — and they don’t involve filing your 2022 tax return

► 2023 Q2 tax calendar: Key deadlines for businesses and employers

► The 2022 gift tax return deadline is coming up soon

► Changes in Sec. 174 make it a good time to review the R&E strategy of your business

► Claiming losses on depreciated or worthless stock

► Protect the “ordinary and necessary” advertising expenses of your business

► Awarded money in a lawsuit or settlement? It’s only tax-free in certain circumstances

► Buying a new business vehicle? A heavy SUV is a tax-smart choice

► There still may be time to make an IRA contribution for last year

► Do you run a business from home? You may be able to deduct home office expenses

► Child Tax Credit: The rules keep changing but it’s still valuable

► Key tax issues in M&A transactions

► Answers to your questions about 2023 limits on individual taxes

► Have employees who receive tips? Here are the tax implications

► Retirement plan early withdrawals: Make sure you meet the requirements to avoid a penalty

► Many tax limits affecting businesses have increased for 2023

► Why you might want to file early and answers to other tax season questions

► Forms W-2 and 1099-NEC are due to be filed soon

► Tax-saving ways to help pay for college — once your child starts attending

► How the new SECURE 2.0 law may affect your business

► Tax-wise ways to save for college

► Employers should be wary of ERC claims that are too good to be true

► Renting to a relative? Watch out for tax traps

► The standard business mileage rate is going up in 2023

► A Dozen Ways the SECURE 2.0 Law Helps Individuals and Employees

► How to minimize the S corporation LIFO recapture tax

► 2023 Q1 tax calendar: Key deadlines for businesses and other employers

► Do you qualify for the QBI deduction? And can you do anything by year-end to help qualify?

► Answers to your questions about taking withdrawals from IRAs

► Choosing a business entity? Here are the pros and cons of a C corporation

► Strategies for investors to cut taxes as year-end approaches

► Intangible assets: How must the costs incurred be capitalized?

► Year-end giving to charity or loved ones

► Is your business closing? Here are your final tax responsibilities

► How savings bonds are taxed

► Computer software costs: How does your business deduct them?

► Adopting a child? Bring home a tax break too

► 2023 limits for businesses that have HSAs — or want to establish them

► How inflation will affect your 2022 and 2023 tax bills

► Inflation means you and your employees can save more for retirement in 2023

► You may be liable for “nanny tax” for all types of domestic workers

► Employers: In 2023, the Social Security wage base is going up

► Plan now to make tax-smart year-end gifts to loved ones

► Providing fringe benefits to employees with no tax strings attached

► Social Security Recipients Will Receive a Large Increase in 2023

► Tax and other financial consequences of tax-free bonds

► What local transportation costs can your business deduct?

► Investing in the future with a 529 education plan

► Worried about an IRS audit? Prepare in advance

► Year-end tax planning ideas for individuals

► Work Opportunity Tax Credit provides help to employers

► Don’t forget income taxes when planning your estate

► 2022 Q4 tax calendar: Key deadlines for businesses and other employers

► Seller-paid points: Can homeowners deduct them?

► Separating your business from its real estate

► Is your income high enough to owe two extra taxes?

► Year-end tax planning ideas for your small business

► The Inflation Reduction Act: What’s in it for you?

► Inflation Reduction Act provisions of interest to small businesses

► Home sweet home: Do you qualify for office deductions?

► Self-employed? Build a nest egg with a solo 401(k) plan

► An “innocent spouse” may be able to escape tax liability

► The House and Senate Pass the Wide-Ranging Inflation Reduction Act

► Why an LLC might be the best choice of entity for your business

► Estimated tax payments: Who owes them and when is the next one due?

► Is your business required to report employee health coverage?

► Is your withholding adequate? Here’s how to check

► How to treat business website costs for tax purposes

► How to avoid the early withdrawal tax penalty on IRA distributions

► Three tax breaks for small businesses

► The kiddie tax: Does it affect your family?

► Important considerations when engaging in a like-kind exchange

► Interested in an EV? How to qualify for a powerful tax credit

► The tax obligations if your business closes its doors

► How disability income benefits are taxed

► How do taxes factor into an M&A transaction?

► Vehicle expenses: Can individual taxpayers deduct them?

► 2022 Q3 tax calendar: Key deadlines for businesses and other employers

► Five tax implications of divorce

► Businesses will soon be able to deduct more under the standard mileage rate

► Your estate plan: Don’t forget about income tax planning

► Is your corporation eligible for the dividends-received deduction?

► Social Security benefits: Do you have to pay tax on them?

► Help when needed: Apply the research credit against payroll taxes

► Is it a good time for a Roth conversion?

► Calculating corporate estimated tax

► The ins and outs of Series EE savings bond taxation

► Partners may have to report more income on tax returns than they receive in cash

► IRA charitable donations: An alternative to taxable required distributions

► Businesses: Prepare for the lower 1099-K filing threshold

► Caring for an elderly relative? You may be eligible for tax breaks

► Inflation enhances the 2023 amounts for Health Savings Accounts

► Valuable gifts to charity may require an appraisal

► Businesses may receive notices about information returns that don’t match IRS records

► Want to turn a hobby into a business? Watch out for the tax rules

► The tax mechanics involved in the sale of trade or business property

► Thinking about converting your home into a rental property?

► Tax considerations when adding a new partner at your business

► Once you file your tax return, consider these 3 issues

► Tax issues to assess when converting from a C corporation to an S corporation

► Selling mutual fund shares: What are the tax implications?

► Fully deduct business meals this year

► It’s almost that time of year again! If you’re not ready, file for an extension

► 2022 Q2 tax calendar: Key deadlines for businesses and other employers

► The tax rules of renting out a vacation property

► Taking the opposite approach: Ways your business can accelerate taxable income and defer deductions

► When inheriting money, be aware of “income in respect of a decedent” issues

► Establish a tax-favored retirement plan

► Lost your job? Here are the tax aspects of an employee termination

► Does your business barter? Here are some facts you should know

► Are you ready for the 2021 gift tax return deadline?

► Can you deduct the costs of a spouse on a business trip?

► Commission fraud: When salespeople get paid more than they’ve earned

► Married couples filing separate tax returns: Why would they do it?

► Making withdrawals from your closely held corporation that aren’t taxed as dividends

► Did you give to charity in 2021? Make sure you have substantiation

► Important tax aspects of operating your business as a sole proprietor

► The Ins and Outs of IRAs

► Keeping meticulous records is the key to tax deductions and painless IRS audits

► Keeping meticulous records is the key to tax deductions and painless IRS audits

► Entrepreneurs and taxes: How expenses are claimed on tax returns

► Numerous tax limits affecting businesses have increased for 2022

► How will revised tax limits affect your 2022 taxes?

► Businesses with employees who receive tips may be eligible for a tax credit

► Defer tax with a like-kind exchange

► 7 Personal Financial Resolutions for 2022

► 2022 Q1 tax calendar: Key deadlines for businesses and other employers

► How are court awards and out-of-court settlements taxed?

► Providing a company car? Here’s how taxes are handled

► Feeling generous at year end? Strategies for donating to charity or gifting to loved ones

► With year-end approaching, 3 ideas that may help cut your tax bill

► Small businesses: There still may be time to cut your 2021 taxes

► New digital asset reporting requirements will be imposed in coming years

► Infrastructure law sunsets Employee Retention Credit early

► Businesses can show appreciation — and gain tax breaks — with holiday gifts and parties

► Many factors are involved when choosing a business entity

► Would you like to establish a Health Savings Account for your small business?

► Employers: The Social Security wage base is increasing in 2022

► Get your piece of the depreciation pie now with a cost segregation study

► New per diem business travel rates became effective on October 1

► 2021 Q4 tax calendar: Key deadlines for businesses and other employers

► M&A transactions: Be careful when reporting to the IRS

► Tax depreciation rules for business automobiles

► Tax breaks to consider during National Small Business Week

► Claiming a theft loss deduction if your business is the victim of embezzlement

► Want to find out what IRS auditors know about your business industry?

► Getting a divorce? Be aware of tax implications if you own a business

► Possible tax consequences of guaranteeing a loan to your corporation

► Large cash transactions with your business must be reported to the IRS

► Don’t Miss These Often-Overlooked Overtime Pay Requirements

► The deductibility of corporate expenses covered by officers or shareholders

► Getting a new business off the ground: How start-up expenses are handled on your tax return

► Who in a small business can be hit with the “Trust Fund Recovery Penalty?”

► 10 facts about the pass-through deduction for qualified business income

► Eligible Businesses: Claim the Employee Retention Tax Credit

► Traveling for business again? What can you deduct?

► Recordkeeping DOs and DON’Ts for business meal and vehicle expenses

► Hiring your minor children this summer? Reap tax and nontax benefits

► The IRS has announced 2022 amounts for Health Savings Accounts

► An S corporation could cut your self-employment tax

► Help ensure the IRS doesn’t reclassify independent contractors as employees

► Providing education assistance to employees? Follow these rules

► Claiming the business energy credit for using alternative energy

► Know the ins and outs of “reasonable compensation” for a corporate business owner

► Simple retirement savings options for your small business

► Tax advantages of hiring your child at your small business

► Need a new business vehicle? Consider a heavy SUV

► Is an S corporation the best choice of entity for your business?

► Business highlights in the new American Rescue Plan Act

► Launching a small business? Here are some tax considerations

► Work Opportunity Tax Credit extended through 2025