Work Opportunity Tax Credit Provides Help to Employers
In today’s tough job market and economy, the Work Opportunity Tax Credit (WOTC) may help employers. Many business owners are hiring and should be aware that the WOTC is available […]
Category: Tax
Improperly Forgiven Paycheck Protection Program Loans Are Taxable
The Internal Revenue Service recently issued guidance addressing improper forgiveness of a Paycheck Protection Program loan (PPP loan). The guidance confirms that, when a taxpayer’s loan is forgiven based upon […]
2022 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may […]
Year-End Planning Ideas for Your Small Business Taxes
Now that Labor Day has passed, it’s a good time to think about making moves that may help lower your small business taxes for this year and next. The standard […]
Inflation Reduction Act Provisions of Interest to Small Businesses
The Inflation Reduction Act (IRA), signed into law by President Biden on August 16, contains many provisions related to climate, energy and taxes. There has been a lot of media […]
Self-Employment Nest Eggs: Consider a Solo 401(k) Plan
Do you own a successful small business with no employees and want to set up a retirement plan? Or do you want to upgrade from a SIMPLE IRA or Simplified […]
Why an LLC Might be the Best Choice of Entity for Your Business
The business entity you choose can affect your taxes, personal liability, and other issues. A limited liability company (LLC) is somewhat of a hybrid entity in that it can be […]
Is your business required to report employee health coverage?
As you’re aware, certain employers are required to report information related to their employees’ health coverage. Does your business have to comply, and if so, what must be done? Basic […]
Employee or Independent Contractor: Know How to Classify Your Workers
Are you aware of the specific legal and financial differences between employees and independent contractors? Business owners must make sure to differentiate and treat professionals according to their classifications when […]
Confirming Your Identity with the IRS
When taxpayers have a question, they should first try going to IRS.gov. The Let Us Help You page is a great way to quickly answer tax questions. If you call […]
How to Treat Business Website Costs for Tax Purposes
These days, most businesses have websites. But surprisingly, the IRS hasn’t issued formal guidance on when website costs can be deducted. Fortunately, established rules that generally apply to the deductibility […]
Three Tax Breaks for Small Businesses
Bigger isn’t always better: Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to larger businesses. Here are some examples. QBI deduction For 2018 […]
