That’s the question, and the way in which you arrive at an answer can be very challenging. Much has been made today about the gig economy, with many … Read more about Is a Worker an Employee or an Independent Contractor?
5 Tax Traps for Claiming a Home Office Deduction
Last year, Fundera reported that 50% of all businesses in the U.S. operate from home, and that 60% of home-based businesses are “nonemployer” … Read more about 5 Tax Traps for Claiming a Home Office Deduction
Buying an Electric Vehicle in 2024? What You Need to Know
If you’re in the market for a plug-in electric vehicle, you’re probably familiar with the benefits and drawbacks of this type of vehicle versus one … Read more about Buying an Electric Vehicle in 2024? What You Need to Know
What IRS Statistics Tell Us About Partnerships and LLCs
“A partnership is not a legal contract between two equal individuals. It’s an emotional alliance between two people committed to each other’s … Read more about What IRS Statistics Tell Us About Partnerships and LLCs
Gifting: What You Need to Know
The holiday season is synonymous with giving gifts. Your business may be giving gifts at this time to various people…employees, customers, vendors, … Read more about Gifting: What You Need to Know
Labeled a Small Business? That’s Great!
A question that comes up frequently is “what’s a small business?" The SBA defines a small business as one with up to 500 employees (even more for some … Read more about Labeled a Small Business? That’s Great!
J.K. Lasser’s Small Business Taxes 2024: Author’s Overview
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 advisers. The 2024 edition … Read more about J.K. Lasser’s Small Business Taxes 2024: Author’s Overview
Recession-Proof Your Business: What to Know About Taxes if Struggling in 2023
Many small businesses are thriving despite high inflation, labor shortages, and other challenges. Unfortunately, some businesses are struggling. … Read more about Recession-Proof Your Business: What to Know About Taxes if Struggling in 2023
Prevailing Wage and Apprenticeship Rules that Boost Certain Tax Write-Offs
The Inflation Reduction Act introduced or expanded various tax rules—deductions and credits—related to green energy. Basic write-offs can be … Read more about Prevailing Wage and Apprenticeship Rules that Boost Certain Tax Write-Offs
What’s an IRS Business Tax Account and Should You Get One?
The IRS launched a new tool called a Business Tax Account that some business owners can use to give employees in their company access to the business … Read more about What’s an IRS Business Tax Account and Should You Get One?
Employee Retention Credit Now: Where You Stand and What to Do
The employee retention credit (ERC), a credit created during COVID-19, ended on September 30, 2021 (December 31, 2021, for startups), but it’s still … Read more about Employee Retention Credit Now: Where You Stand and What to Do
Ways to Simplify Tax Recordkeeping
To claim deductions and credits for the business expenses you incur, you must have certain records, including the amount of your outlays. Without good … Read more about Ways to Simplify Tax Recordkeeping
25 Years Since the IRS Restructuring and Reform Act of 1998
It’s impossible these days to listen to or read the media or view social media posts without finding out something about the IRS. In 1998, Congress … Read more about 25 Years Since the IRS Restructuring and Reform Act of 1998
Added Tax Costs for Successful Business Owners
Does it pay to be highly successful? From a personal and professional viewpoint, sure. You get satisfaction from helping your clients and customers … Read more about Added Tax Costs for Successful Business Owners
3 Sales Tax Traps to Avoid
During the summer months, many states offer sales tax holidays for consumers buying back-to-school items. It’s a good time to learn about your sales … Read more about 3 Sales Tax Traps to Avoid
