If you hire someone for a long-term, full-time project or a series of projects that are likely to last for an extended period, you must pay special attention to the difference between independent contractors and employees.
Where to Look for Hidden Tax Deductions (Even Though 2023 is Over)
It’s that time of year again! Time for business owners to get together with their accountants to review the previous year’s taxes. If you’ve already started crunching your 2023 numbers and don’t like what you see, there are still ways to uncover hidden tax deductions – which could potentially save you thousands.
If eligible, you can elect to use Section 179 expensing or bonus depreciation to deduct a large portion of the cost (and, in some cases, the full cost) of eligible property in the year it’s placed in service. Alternatively, you may follow regular depreciation rules and spread deductions over several years or decades, depending on how the asset is classified under the tax code.
The 2023 individual income tax return filing season will open soon. Even if you typically don’t file until much closer to the April 15 deadline (or you file for an extension), consider filing earlier this year. Why? You may be able to protect yourself from tax identity theft.
If you operate your small business as a sole proprietorship, you may have thought about forming a limited liability company (LLC) to protect your assets. Or maybe you’re launching a new business and want to know the options for setting it up. Here are the basics of operating as an LLC and why it might be a good choice for your business.
Your filing status options for your 2023 income tax return depend on your marital status on December 31. The married-filing-jointly status is typically the most beneficial way for married taxpayers to file, but it’s a good idea to take a “what-if” look at the married filing separately status.
Whether you’re in the process of making a retirement or estate plan or you intend to donate property to charity, you’ll need to know the value of your assets. An appraisal may be necessary for many hard-to-value items, such as closely held business interests, real estate, art, and collectibles.
In the ever-evolving landscape of regulatory changes, it is imperative for businesses to stay informed and adapt to new legislation. One such crucial development is the Corporate Transparency Act (CTA), which went into effect on 1/1/24. As your trusted accounting partner, we are here to guide you through the essential aspects of the CTA and outline the necessary steps your business should take to ensure compliance.
The IRS has issued the 2024 optional cents-per-mile rates used to calculate the tax-deductible costs of operating a vehicle: