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Tax Credit Transfers: What, How, When?
For many years, states have allowed taxpayers to transfer certain tax credits, effectively selling a tax break for cash. Now, federal tax law offers a ... -
One Retirement Plan and 5 Tax Credits
A qualified retirement plan is an important employee benefit to attract and retain valued workers. According to Vestwell 2023 Retirement Trends Report, 73% of employees ... -
How to Protect Yourself from Audit Risk
For most small business owners, the 2023 tax season is behind them. But with increased funding for the IRS to step up audits of small ... -
Federal Tax Legislation Proposed to Help Small Businesses
The National Taxpayers Union (NTU), the oldest taxpayer advocacy organization in the U.S., said in a letter to the House Small Business Committee in April ... -
Employment Tax Rules for Women in the Workplace
According to The State of Women in the Labor Market in 2023, three quarters of women ages 25 to 54 are employed; with 84% of ... -
Supplement to J. K. Lasser’s 1,001 Deductions and Tax Breaks 2023
This year’s book, J.K. Lasser’s 1,001 Deductions and Tax Breaks, reflects the tax rules as they stood on December 1, 2022. But tax law is ... -
Supplement to J.K. Lasser’s Small Business Taxes 2023
This year’s book reflects the tax rules as they stood on December 1, 2022. But tax law is not static and new legislation, IRS pronouncements, ... -
What the Fair Tax Would Mean to Your Business
In early January 2023, the Fair Tax Act of 2023 was introduced in the House. While the measure is a 'looong' way from enactment and ... -
Adjusting to New Tax Rules for Your Business in 2023
The tax law is continually changing, with new rules coming into effect and old ones expiring. Sure, you can wait until you meet with your ... -
Partnerships and LLCs: What IRS Statistics Tell Us
“Coming together is a beginning, staying together is progress, and working together is success.” ~ Henry Ford A partnership is not a taxpaying entity, but ... -
Postponing Taxes: Sell Now, Pay Later
When you sell inventory, the result is reported currently as ordinary income. You can’t exclude the income and you can’t defer it. When you sell ... -
J.K. Lasser’s Small Business Taxes 2023: A Book Review
For more than 25 years, I’m proud to say my tax book for small businesses has been the go-to guide for owners and their tax ... -
Tax Credit Refunds—What to Know
Tax credits are a dollar-for-dollar reduction of taxes owed. Some credits offset income taxes; others offset employment taxes. Some credits are part of the general ... -
Withholding 2.0: More to Consider
In the old days, employers had to withhold money from employees’ paychecks primarily for two purposes: income tax withholding and FICA. Income tax withholding applies ... -
Start Your Year-End Planning Now—Part 2
Year-end tax planning is always challenging due to uncertainties. Will your projected profit (or loss) for 2022 wind up as such? What will 2023 bring? ... -
Start Your Year-End Planning Now—Part 1
It’s never too early to think ahead, so now—the beginning of the fourth quarter of 2022—is a great time to begin year-end planning. The goal ... -
Writing Off Casualty or Disaster Losses for Your Business
September is National Preparedness Month and the theme this year from Ready.gov is prepare for disasters to create a lasting legacy for you and your ... -
Reward and Punishment on Your Tax Return for Being a Pass-Through Owner
If your business is a sole proprietorship, partnership, limited liability company, or S corporation—all pass-through entities—you report your share of business net income or loss ...
SMB Taxes
Small business ideas, business tax news and small business consulting from Barbara Weltman to provide business owners with the information they need to succeed. Visit our small business blog, Idea of The Day®, small business books and articles on small business taxes, small business finance and small business legal advice.
