Home Office Tax Rules to Know
Many self-employed individuals and small business owners can claim deductions for using part of their home for business. Here are the IRS rules for the home office deduction.
Business Tax Myths Exposed
Running a business means juggling countless responsibilities, especially when it comes to taxes. With laws frequently changing, keeping up with your federal, state, and local tax obligations can feel overwhelming. When it comes to small businesses, misinformation is everywhere. Below, we clear up several common misconceptions that could be costing you.
Turn Travel into a Tax Deduction
Did you know your next vacation could qualify as a tax deduction? With the right strategy, travel can become a powerful business write-off. In this guide, we break down how to structure your travel to stay compliant with IRS rules.
Section 179 Deduction
If you are a business owner planning to invest in assets for your company, one powerful provision to consider is the Section 179 Deduction. This tax-saving opportunity can significantly reduce your business’s taxable income. In this guide, we’ll explore what you need to know about the provision.
Benefits of Hiring a Tax Professional
Navigating the complexities of the U.S. tax system can be overwhelming, especially with frequent changes to tax laws and regulations. The benefits of hiring a tax professional include peace of mind and the assurance that you maximize credits and deductions while staying compliant with the IRS. By seeking expert guidance, you can reduce your tax liability and avoid costly errors.
Pass-Through Entities: What Are They?
Pass-through entities – also known as flow-through entities – are a popular choice for small business owners due to their tax advantages and asset protection features. But what exactly are they, and how do they compare to other business structures? This post explores their definition, tax treatment, pros and cons, and whether they might be the right choice for you.
2024 Tax Year Updates for Businesses
Tax laws change every year, and staying updated is crucial for business success. The 2024 tax year brings updates to deductions, depreciation, and retirement plans. Understanding these changes can help optimize your tax strategy and maximize your savings. Let’s explore the key tax updates for businesses in 2024.
BOI Reporting Requirements
The Financial Crimes Enforcement Network (FinCEN) Beneficial Ownership Information (BOI) report, which became effective on January 1, 2024, is a regulatory requirement of the Corporate Transparency Act (CTA) of 2021. Specifically, the report specifically aims to combat financial crimes and ensure transparency in financial transactions by containing identifying information about the company’s beneficial owners.
Achievement Awards for Employees
Employee morale can be a challenge for small businesses. One affordable way to boost your team’s spirits is by implementing an achievement awards program. Not only can this motivate your employees, but it may also provide valuable tax benefits for your business.
Audit Triggers for Small Businesses
Although the IRS audits only 1% to 2% of small business, you do not want to risk an audit. Avoid certain items that can possibly raise red flags for the IRS.