per diem

Increases to Per Diem Rates for Business Travelers for 2022-2023

October 4, 2022

The IRS announced per diem rates will increase starting October 1, 2022 (Notice 2022-44). In lieu of tracking specific expenses for lodging, meals, and ordinary incidental business expenses, per diem reimbursement can be offered to employees when they are traveling. The per diem allotments can then be claimed as expenses by the business on its…

Read More
work opportunity tax credit

What Employers Need To Know About the Work Opportunity Tax Credit

September 28, 2022

The Work Opportunity Tax Credit (WOTC) may help employers in today’s tough job market and economy. Many business owners are hiring and should be aware that the WOTC is available to employers that hire workers from targeted groups who face significant barriers to employment. The credit is worth as much as $2,400 for each eligible…

Read More
tax deadline

Tax Calendar: Key Deadlines for Businesses and Other Employers in Q4 2022

September 22, 2022

Here are some of the key tax-related deadlines impacting businesses and other employers during the fourth quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Note: Certain tax-filing and tax-payment deadlines may be postponed for taxpayers who reside in or have businesses in…

Read More
year-end tax planning

Can I Still Claim the Employee Retention Credit?

September 20, 2022

Even though organizations can no longer pay wages to claim the Employee Retention Credit (ERC), they have up to three years from their original filing deadline to do a look back on their payroll during the pandemic and retroactively claim the credit by filing an amended tax return. Eligible employers can still determine if wages…

Read More
home office deductions

Do I Qualify for Home Office Deductions?

September 14, 2022

If you’re a business owner working from home or an entrepreneur with a home-based side gig, you may qualify for valuable home office deductions. Not everyone who works from home gets the tax break, though. Employees who work remotely can’t deduct home office expenses under current federal tax law. To qualify for a deduction, you…

Read More

4 Year-End Tax Planning Ideas for Your Small Business

September 12, 2022

Now that summer is over, it’s a good time to think about taking steps that may help lower your small business taxes for this year and next. Year-end tax planning strategies may include the standard year-end approach of deferring income and accelerating deductions to minimize taxes, which will likely produce the best results for most…

Read More