Tax Archives - Page 8 of 31 - HW&Co. CPAs and Advisors

Advantages and Disadvantages of Claiming Big First-Year Real Estate Depreciation Deductions

By: David M. Reape

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

By: David M. Reape

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

By: David M. Reape

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

By: David M. Reape

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

By: David M. Reape

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 […]

Use the Tax Code to Make Business Losses Less Painful

By: David M. Reape

Whether you’re operating a new company or an established business, losses can happen. The federal tax code may help soften the blow by allowing businesses to apply losses to offset […]

Education Benefits Help Attract, Retain and Motivate Employees

By: David M. Reape

One popular fringe benefit is an education assistance program that allows employees to continue learning and perhaps earn a degree with financial assistance from their employers. One way to attract, […]

What If You Receive a Letter or Notification From the IRS?

Receiving a letter or notice from the IRS can be disconcerting, but don’t be alarmed. The IRS sends letters to taxpayers for a variety of reasons, including when it has questions […]

4 Ways Corporate Business Owners Can Help Ensure Their Compensation Is “Reasonable”

By: David M. Reape

If you’re the owner of an incorporated business, you know there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason: […]

Take Advantage of the Rehabilitation Tax Credit When Altering or Adding to Business Space

By: James Reynolds

If your business occupies substantial space in a certified historic structure and needs to increase or move from that space in the future, you should keep the rehabilitation tax credit […]

Retirement Saving Options for Your Small Business: Keep it Simple

By: Mary Eileen Vitale CPA CFP AEP

If you’re thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and administrative burdens involved, there are a couple of […]

IRS Dirty Dozen Part 5 – Schemes Aimed at High-Income Tax Filers, Bogus Tax Avoidance Strategies, and Schemes With International Elements

Today, we bring you the final three scams highlighted by the 2023 Dirty Dozen campaign, an annual list compiled by the IRS outlining the most common tax schemes and providing […]

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