If you’re a business owner operating as an S-Corporation, you’re probably already aware of the numerous tax benefits this structure offers. However, with these benefits come certain responsibilities and rules, one of which is the requirement to pay yourself a
The individual coverage health reimbursement arrangement (ICHRA) allows businesses of all sizes, from large corporations to small businesses like yours, to reimburse employees for their personally purchased health insurance expenses. The ICHRA is particularly beneficial for businesses with fewer than
We would like to remind everyone… This is the time of year to consider getting an IP PIN. Make sure to tuck that IP PIN email or letter in a safe place! You will need it when you file your
If you own your own business and operate as a proprietorship or partnership (wherein your spouse is not a partner), one of the smartest tax moves you can make is hiring your spouse to work as your employee. But
It’s 2023, but you still have the chance to qualify for the employee retention credit (ERC) for the 2020 and 2021 calendar years. This credit can potentially help you recover a significant amount of money.  The ERC is a
Do you owe self-employment tax on Airbnb rental income? That’s a good question. In Chief Counsel Advice (CCA) 202151005, the IRS opined on this issue. But before we get to what the IRS said, understand that the CCA’s conclusions cannot be
In the United States, the federal tax filing requirements vary depending on the type of business entity. This article gives you a brief overview of tax filing options for the following common types of businesses: Sole proprietorship (no LLC) Single-member
As you may already know, there have been some major changes to the business meal deduction for 2023 and beyond. The deduction for business meals has been reduced to 50 percent, a significant change from the previous 100 percent deduction
The IRS recently issued new guidance on electric vehicles. There are four ways you can potentially benefit from a federal tax credit for an EV you place in service in 2023 or later: Purchase an EV, and claim the clean
If your children work in your business, consider giving them education fringe benefits. Doing this right creates tax deductions for the business, and tax-free fringe education benefits for the child. You can accomplish this without a Section 127 plan when
