Is an LLC the right choice for your small business?
Perhaps you operate your small business as a sole proprietorship and want to form a limited liability company (LLC) to protect your assets. Or maybe you are launching a new […]
Category: Tax
The deductibility of corporate expenses covered by officers or shareholders
Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up being nondeductible both by an officer […]
How start-up expenses are handled on your tax return
Entrepreneurs often don’t know that many of the start-up expenses incurred can’t be currently deducted. You should be aware that the way you handle some of your initial expenses can […]
Can my small business can be hit with the “Trust Fund Recovery Penalty?”
There’s a harsh tax penalty that you could be at risk for paying personally if you own or manage a business with employees. It’s called the “Trust Fund Recovery Penalty” […]
The IRS Dirty Dozen 2021 – Part 3
Yesterday, we presented the 2nd installment of the IRS’ Dirty Dozen 2021, revealing scams that use email, text, social media messages, or phone calls to get personal information, with the […]
The IRS Dirty Dozen 2021 – Part 2
Yesterday we introduced the first installment of the IRS’ Dirty Dozen — its annual list of the top tax scams that victimize many unsuspecting people. We feel it’s important to […]
Money Made from a Hobby MAY be Taxable
Many people are engaged in hobby activities that are also a source of income. For example, some people started selling masks and other handmade items during the pandemic. These people […]
The IRS Dirty Dozen – 2021
At HW&Co., we believe that a conversation can change everything. Talking about an issue can bring understanding; discussing a risk can help to avoid it. In that vein, let’s talk […]
Claim the Employee Retention Tax Credit
The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Here’s a […]
Traveling for business again? What can you deduct?
As we continue to come out of the COVID-19 pandemic, you may be traveling again for business. Under tax law, there are a number of rules for deducting the cost […]
2021 Q3 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 third quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may […]
Recordkeeping DOs and DON’Ts for business meal and vehicle expenses
If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months […]
