Unfortunately, not all of the news under the OBBBA is positive. While non-itemizers will celebrate new opportunities to deduct their contributions, those who itemize deductions, make substantial charitable gifts, or represent corporations with significant philanthropic budgets will encounter new limitations
Normally, the IRS limits business meal deductions to 50%. But in 2021 and 2022, a special COVID – era law temporarily allowed 100% deductions for certain meals to help the restaurant industry. Even though this provision has expired, it’s still
When you understand the rules for deducting business mileage, you: Protect yourself if the IRS comes calling Reduce your tax bill legitimately Two Real-Life Lessons Take Henry. Before he knew the mileage rules, he deducted only 30% of his SUV’s
For years, one of the most common frustrations we’ve heard from clients who take the standard deduction goes something like this: “I give thousands of dollars to charity every year, but I can’t claim any of it on my taxes.”
Business travel can be exciting, new places, new opportunities, maybe even a decent hotel breakfast. But if you want to claim tax deductions for your trip, you need to play by the IRS’s rules when documenting your expenses. Here’s what
If your kids work in your business, you might already appreciate the extra help (and the built-in trust factor). But here’s something you might not know: You can also give them education benefits and structure it so it’s a win-win
So, you’re thinking about taking the leap ditching the 9-to-5, becoming your own boss, and joining the growing wave of self-employed go-getters. Sounds empowering, right? It can be. But before you order those “CEO of Me” business cards, let’s have
If you formed an S corporation to save on self-employment taxes, you probably know that getting your S corporation salary right is critical. But, is your salary: Nonexistent? Too low? Too high? Just right? Let’s dive into why getting your
When you think about your worst tax nightmare, what comes to mind? Is it identity theft? Running out of money to pay your taxes? Or maybe this: finding out that your CPA, enrolled agent, or tax preparer hasn’t filed your
The tax law has long been harsh on hobbies, but recent tax reforms have made things even worse. If you’re running a hobby or an activity that could be classified as a hobby by the IRS, you might want to
