business tax planning strategies

Four Year-End Tax Planning Strategies for Your Business

November 30, 2023

Between holiday parties and shopping for gifts, don’t forget to consider steps to cut the 2023 tax liability for your business. You still have time to take advantage of the following four business tax planning strategies. 1. Time deductions and income If your business operates on a cash basis, you can significantly affect your amount…

Read More
Tax Depreciation Rules

What You Need To Know About Tax Depreciation Rules for Business Vehicles

November 16, 2023

Do you use an automobile in your trade or business? If so, you may question how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles classified as passenger autos (which include many pickups and SUVs) can result in it taking longer than expected to fully depreciate a vehicle.…

Read More
secure 2.0

Which Business Entity Is Right for You?

November 14, 2023

If you’re planning to start a business or thinking about changing your business entity, you need to determine what will work best for you. Should you operate as a C corporation or a pass-through entity such as a sole proprietorship, partnership, limited liability company (LLC), or S corporation? There are many issues to consider. Currently,…

Read More

Corporate Expense Deductions: How to Protect Your Finances and Your Corporation

November 7, 2023

If you play a major role in a closely held corporation, you may sometimes spend money on corporate expenses personally. These costs may end up being nondeductible both by an officer and the corporation unless the correct steps are taken. This issue is more likely to happen with a financially troubled corporation. What can’t you…

Read More
per diem

Simplifying Business Travel Expenses: A Guide to Per Diem Rates for Fiscal Year 2024

October 31, 2023

Are employees at your business traveling and frustrated about documenting expenses? Or perhaps you’re annoyed at the time and energy spent reviewing business travel expenses. There may be a way to simplify the reimbursement of these expenses. In Notice 2023-68, the IRS announced the fiscal 2024 special “per diem” rates effective October 1, 2023. Taxpayers…

Read More
Social Security Wage Base

The Social Security Wage Base Is Increasing in 2024

October 24, 2023

The Social Security Administration recently announced that the Social Security wage base for computing tax will increase to $168,600 for 2024 (up from $160,200 for 2023). Wages and self-employment income above this threshold aren’t subject to Social Security tax. Basic details The Federal Insurance Contributions Act (FICA) imposes two taxes on employers, employees, and self-employed…

Read More