Providing A Company Car? Here’s How Taxes Are Handled
The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This perk results in tax deductions for the employer as well as [...]
Help Safeguard Your Personal Information By Filing Your 2021 Tax Return Early
The IRS announced it is opening the 2021 individual income tax return filing season on January 24. (Business returns are already being accepted.) Even if you typically don’t file until [...]
Close-Up on the Individual AMT
The individual alternative minimum tax (AMT) rules were made more taxpayer-friendly for 2018 through 2025 by the Tax Cuts and Jobs Act (TCJA). The odds that you'll owe the AMT for [...]
Important “To Do’s” All Taxpayers Should Do Before the Tax Year Ends
Information from IRS.gov Important “To Do’s” All Taxpayers Should Do Before the Tax Year Ends Donate to charity Taxpayers may be able to deduct donations to tax-exempt organizations on their [...]
Businesses Can Deduct Startup Costs From Their Federal Taxes — Learn How
Courtesy of IRS.gov When starting a business, owners should treat all eligible costs incurred before beginning to operate the business as capital expenditures that are part of their basis in [...]
Businesses Can Show Appreciation — and Gain Tax Breaks — With Holiday Gifts and Parties
The holiday season is here. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties [...]
Changes to Retirement Plans for 2022
Information from IRS.gov Next year taxpayers can put an extra $1,000 into their 401(k) plans. The IRS recently announced that the 2022 contribution limit for 401(k) plans will increase to [...]
Feeling Generous at Year End? Strategies for Donating to Charity or Gifting to Loved Ones
As we approach the holidays, many people plan to donate to their favorite charities or give money or assets to their loved ones. Here are the basic tax rules involved [...]
Taxability of PPP Loan Forgiveness
Businesses that received Paycheck Protection Program (PPP) loans can apply for forgiveness once all loan proceeds for which they are requesting forgiveness have been used. On November 18, 2021, the IRS [...]
Factor in Taxes If You’re Relocating to Another State in Retirement
Are you considering a move to another state when you retire? Perhaps you want to relocate to an area where your loved ones live or where the weather is more [...]
Be Careful When Saving for Your Childs’ Education
Here's a little-known secret for parents planning to send their children to college in the future: Some of the tax-saving moves you make now could hurt your student's chances for getting financial aid later. [...]
How Fast Can You Write Off a Business Vehicle?
The federal income tax rules for depreciating vehicles used for business are complicated. And different rules apply to different categories of vehicles. Special limitations apply to vehicles that are classified as [...]
Navigating the Tax Landscape When Donating Works of Art to Charity
If you own a valuable piece of art, or other property, you may wonder how much of a tax deduction you could get by donating it to charity. The answer [...]
Tax Depreciation Rules for Business Automobiles
If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles [...]
The Tax Score of Winning
Studies have found that more people are engaging in online gambling and sports betting since the pandemic began. And there are still more traditional ways to gamble and play the [...]