Taxes

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 LLC Partnership (no LLC) Multi-member LLC C corporation Sole Proprietorship (No LLC) A sole proprietorship […]

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 for business meals in and from restaurants, which was applicable only for the years 2021

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 vehicle credit. Lease an EV, and benefit from the lessor’s EV discount. Purchase a used

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 your child needs the education to do the job for your business or comply with

Health Savings Accounts (HSAs) are designed for use alongside high-deductible health plans, assisting you in covering your medical expenses. They can also function as an incredible retirement account due to their triple tax benefit: You can deduct contributions from your taxes. Your account balance grows without being taxed. Withdrawals for medical expenses are tax-free. And

All good things must come to an end. On December 31, 2022, one of the best tax deductions ever for businesses will end: 100 percent bonus depreciation.   Since late 2017, businesses have used bonus depreciation to deduct 100 percent of the cost of most types of property other than real property. But starting in

Does the IRS charge interest? Yes! The IRS charges underpayment interest when taxpayers don’t pay their tax, penalties, additions to tax, or interest by its due date. Generally, this interest accrues from the due date until the balance is paid in full. Does the IRS pay interest? Yes! The IRS pays overpayment interest when taxpayers

Here’s a question: Does a member of a limited liability company (LLC) or a partner in a partnership have to pay self-employment taxes (Social Security and Medicare tax) on the member’s or partner’s share of the entity’s income? Incredibly, the answer is not always clear. If you are a general partner in a general partnership,

You intend to launch your own commercial enterprise. How does that feel? One of a person’s most significant life events occurs at this time. A dream has come true. Now that you are beginning to generate money in your first year, you could make several errors that could cause you to stumble. Check out these

Have you ever submitted an online tax return to the IRS only to have your efforts rejected?  Has the IRS ever claimed that someone else with your identity and Social Security number had already filed a tax return? If so, you are likely a victim of tax identity theft. An Identity Protection PIN (IP PIN)