Tax
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
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
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
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
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
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