Common Business Deductions
As a small business owner, independent contractor, or freelancer, you can take advantage of several common business deductions to lower your taxable income. Here are some deductions you may qualify for:
Estimated Tax Payments Explained
Estimated tax payments ensure you stay compliant with federal tax obligations if your income isn’t subject to withholdings. Whether you’re an independent contractor, freelancer, or small business owner, understanding these payments is crucial to avoid penalties. Let’s explore what triggers estimated tax payments, who must pay them, and how to meet these obligations effectively.
Qualified Charitable Distributions
Qualified Charitable Distributions (QCDs) provide a unique opportunity to donate directly from your IRA to eligible charities. Not only do they support a good cause, but they also offer significant tax advantages. This post explores what you need to know about QCDs and whether they are the right choice for your retirement strategy.
Clean Vehicle Tax Credit
The Clean Vehicle Tax Credit is a federal tax incentive designed to promote electric and plug-in hybrid vehicles. Specifically, this credit, enacted as part of the Inflation Reduction Act on August 16, 2022, offers substantial savings for individuals purchasing qualifying vehicles. Moreover, eligibility depends on several factors, such as the purchase date, battery requirements, income limits, and the Manufacturer’s Suggested Retail Price (MSRP). Read on to learn how to maximize your savings with this credit.
Car Expenses: How do I deduct them?
If you’re self-employed or a freelancer and use your car for business purposes, you may be eligible to deduct car expenses on your taxes. Understanding the deduction options available can help you save money while staying compliant with IRS regulations. Below, we outline the key methods for deducting your car expenses and provide tips for choosing the best approach for your situation.
Retirement Tax Strategies: Expert Tips
Retirement Tax Strategies Expert tips to reduce your tax burden, grow your savings, and enjoy financial security in retirement. As you approach retirement, understanding retirement
Selling a Business: Key Tax Considerations
Selling a business is a monumental financial decision with far-reaching tax implications requiring key tax considerations. Moreover, proper business sale tax planning and understanding the tax implications of selling a company are critical to maximizing your financial return. At DuPage Tax Solutions, we partner with McKarns & Associates, creators of the Well-Heeled Exit program, to help you craft a comprehensive exit plan. Their expertise, combined with our specialized tax advice for entrepreneurs, ensures you can navigate key tax considerations like capital gains on business sales effectively and optimize your proceeds.
Year-End Tax Planning for Businesses
As the year comes to an end, it’s a great time to assess your year-end tax-saving strategies. By taking proactive steps, you could significantly lower your business’s 2024 tax bill. The best strategies depend on your unique financial situation. Below are some key year-end strategies to consider:
What’s New for Business Taxes?
Before filing taxes this tax season, it’s important for business owners to know what’s new for business taxes for 2023 and take advantage of the available deductions and credits. While some tax deductions are drawing back, the Inflation Reduction Act and SECURE 2.0 Act offer eligible businesses new and expanded tax credits and new deductions for retirement plans and going green.