Tax Archives - Page 14 of 30 - HW&Co. CPAs and Advisors

IRS Provides Clarification Related to Employee Retention Credits

By: Tony LaNasa

The Internal Revenue Service (IRS) has provided guidance to clarify uncertainties related to the Employee Retention Credit (ERC), which was originally set to expire on Jan. 1, 2022, but was […]

Establish a Tax-Favored Retirement Plan

By: Mary Eileen Vitale CPA CFP AEP

If your business doesn’t already have a retirement plan, now might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions. For example, […]

Does Your Business Barter? Here are Some Facts You Should Know

By: David M. Reape

In today’s economy, many small businesses are strapped for cash. They may find it beneficial to barter or trade for goods and services instead of paying cash for them. Bartering […]

Can You Deduct the Costs of a Spouse on a Business Trip?

By: David M. Reape

If you own your own company and travel for business, you may wonder whether you can deduct the costs of having your spouse accompany you on trips. The rules for […]

IRS Warns Taxpayers of Tax-Related Scams

As tax season begins, the Internal Revenue Service reminds taxpayers to protect their personal and financial information and watch out for IRS impersonation scams, along with other schemes, that try […]

Important Tax Aspects of Operating Your Business as a Sole Proprietor

By: David M. Reape

If you’re in business for yourself as a sole proprietor, or you’re planning to start a business, you need to know about the tax aspects of your venture. 8 Issues […]

Good Business Records Maximize Tax Deductions & Reduce Audit Issues

By: David M. Reape

If you operate a business, or you’re starting a new one, you know you need to keep business records of your income and expenses. Specifically, you should carefully record your […]

IRS Information Letter 6419 for Advance Child Tax Credit May Contain Incorrect Information

By: David M. Reape

The IRS announced Monday that recipients of Letter 6419, which addresses 2021 advance Child Tax Credit (CTC) payments, should double-check the information it contains, as some letters may provide outdated […]

How Start-up Expenses are Claimed on Tax Returns

By: David M. Reape

While some businesses have closed since the start of the COVID-19 crisis, many new ventures have launched. Entrepreneurs have cited a number of reasons why they decided to start a […]

Numerous Tax Limits Affecting Businesses Have Increased for 2022

By: David M. Reape

Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022. Here’s a rundown of those that may be important to […]

Rough Tax Filing Season Ahead

The US tax filing season will begin on January 24th, and multiple issues will likely complicate and slow down tax-return preparation. The AICPA has been calling upon the Internal Revenue […]

Businesses With Employees Who Receive Tips May Be Eligible for a FICA Tax Credit

By: David M. Reape

If you’re an employer with a business where tipping is customary for providing food and beverages, you may qualify for a federal tax credit involving the Social Security and Medicare […]

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