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
Employment Taxes: 4 Problems with Solutions
If your business has employees—including yourself—there are employment tax obligations imposed on the company (the “employer”) by the federal … Read more about Employment Taxes: 4 Problems with Solutions
Mid-Year Tax Planning for Your Business
Can you believe that half of 2023 is over? The first half of the year has been a rocky one economically speaking. There were several interest rate … Read more about Mid-Year Tax Planning for Your Business
Sole Proprietorships Statistics: A Mixed Bag
Numbers can paint a picture and recently released IRS statistics on sole proprietorships certainly do so. These stats are derived from Schedule C of … Read more about Sole Proprietorships Statistics: A Mixed Bag
Additional Medicare Taxes on Business Owners
Business owners pay Medicare taxes on their salaries while those who are self-employed pay Medicare tax on their net earnings from self-employment. … Read more about Additional Medicare Taxes on Business Owners
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 … Read more about Tax Credit Transfers: What, How, When?
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 … Read more about One Retirement Plan and 5 Tax Credits
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 businesses, … Read more about How to Protect Yourself from Audit Risk
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 … Read more about Federal Tax Legislation Proposed to Help Small Businesses
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 them working full time. … Read more about Employment Tax Rules for Women in the Workplace
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 not static … Read more about Supplement to J. K. Lasser’s 1,001 Deductions and Tax Breaks 2023
