A Tax-Smart Way to Develop and Sell Appreciated Land
Let’s say you own highly appreciated land that’s now ripe for development. If you subdivide it, develop the resulting parcels and sell them off for a hefty profit, it could […]
Category: Tax
Nonprofits: Special Events Call for Tax Planning
Tax reporting may be the last thing on your mind when planning a special fundraising event. But your not-for-profit should carefully track revenues and expenses and retain related documentation now to […]
Corporate Officers or Shareholders: How Should You Treat Expenses Paid Personally?
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 […]
Starting a Business? How Expenses Will Be Treated on Your Tax Return
Government officials saw a large increase in the number of new businesses launched during the COVID-19 pandemic. And the U.S. Census Bureau reports that business applications are still increasing slightly […]
IRS, Security Summit Alert Taxpayers to New Scam Involving Personal Photographs and Bank Information
The Internal Revenue Service and the Security Summit (a coalition between the IRS, state tax administrators, and the tax industry) issued a warning to taxpayers about a new mail scam […]
The Trust Fund Recovery Penalty: It Can Be Personally Assessed
If you own or manage a business with employees, there’s a harsh tax penalty that you could be at risk for paying personally. The Trust Fund Recovery Penalty (TFRP) applies […]
2023 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 2023. Keep in mind that this list isn’t all-inclusive, so there may […]
Advantages and Disadvantages of Claiming Big First-Year Real Estate Depreciation Deductions
Your business may be able to claim big first-year depreciation tax deductions for eligible real estate expenditures rather than depreciate them over several years. But should you? It’s not as […]
Traveling for Business This Summer? Here’s What You Can Deduct
If you and your employees are traveling for business this summer, there are a number of considerations to keep in mind. Under tax law, in order to claim deductions, you […]
Keep These DOs and DON’Ts in Mind When Deducting 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 […]
The IRS Has Just Announced 2024 Amounts for Health Savings Accounts
The IRS recently released guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA Fundamentals An HSA is a trust created or organized exclusively for the purpose of […]
If You’re Hiring Independent Contractors, Make Sure They’re Properly Handled
Many businesses use independent contractors to help keep their costs down — especially in these times of staff shortages and inflationary pressures. If you’re among them, be careful that these […]
