If you run your business through a regular “C” corporation, beware of the accumulated earnings tax (AET). The IRS can use the AET to penalize
Here are some important updates and strategies regarding Social Security and Medicare taxes that may significantly impact your business. For 2024, the Social Security tax
Were you self-employed during 2021? If so, there is a good chance that you could have qualified for COVID-19 sick and family leave credits worth
One significant tax benefit of owning residential rental property or non-residential commercial or investment property is depreciation—a deduction you get without spending any additional money.
Have you established, or are you considering, a Section 529 savings plan for a child, grandchild, or other family member? Such plans are a great
You may have heard you cannot claim a home-office deduction without business income. That’s not accurate, as I explain below. Points to Consider Claim business
From 2018 to 2025, the Tax Cuts and Jobs Act is offering a 20 percent deduction on pass-through business income, with specific eligibility criteria. This
For existing businesses, the Corporate Transparency Act (CTA) has come into force as of January 1, 2024, and imposes a brand-new federal filing requirement on
I hope you can benefit from this fringe benefit opportunity related to business smartphones. The IRS allows businesses to provide smartphones and tablets such as
If you’re wondering about tax-free treatment for employer-provided meals and lodging, you may find the following overview helpful. Under Section 119 of the Internal Revenue
Here’s an idea: how about transforming your next vacation into business travel? With careful planning, your transportation to any destination could be fully deductible. This
If you invest or trade in Bitcoin, non-fungible tokens (NFTs), Stablecoins, or other digital assets, prepare for sweeping new tax reporting requirements. Congress wants the
As we navigate the complexities of financial planning, one opportunity stands out for young adults: individual retirement accounts (IRAs). With the 2023 tax-year contributions deadline