If you and your employees will be traveling for business this year, there are many factors to keep in mind. Under the tax law, certain requirements for out-of-town business travel within the United States must be met before you can claim a deduction. The rules apply if the business conducted reasonably requires an overnight stay.
There May Still Be Time to Lower Your Tax Bill
If you’re preparing to file your 2023 tax return, you may still be able to lower your tax bill – or increase your refund. If you qualify, you can make a deductible contribution to a traditional IRA right up until the original filing deadline, April 15, 2024, and see tax savings on your 2023 return.
How to Secure a Tax Benefit with the QBI Deduction
QBI may sound like the name of a TV quiz show. But it’s actually the acronym for “qualified business income,” which can trigger a tax deduction for some small business owners or self-employed individuals. The QBI deduction was authorized by the Tax Cuts and Jobs Act (TCJA), and it took effect in 2018.
Deductions vs. Credits: What’s the Difference?
One of the most common misunderstandings about filing an income tax return is the difference between deductions and credits. Deductions reduce the amount of a taxpayer’s income before tax is calculated. For example, on your individual return, you can either take the standard deduction or itemize deductions if it will reduce your taxable income more. Credits, on the other hand, reduce the actual tax due, dollar-for-dollar, generally making them more valuable than deductions.
Tracking Down Donation Substantiation
If you’re like many Americans, your mailbox may have been filling up in recent weeks with letters from your favorite charities acknowledging your 2023 donations. But what happens if you haven’t received such a letter for a contribution? Can you still claim a deduction on your 2023 income tax return for the gift? It depends.
The Kids Are More Than Alright: 3 Tax Benefits of Employing Your Kids
Tax Advantages of Employing Your Kids
Do you run a small business? Got kids under 18? Now is the time to put them on the payroll. Employing your kids is a winning triple play that benefits your children, your business, and your family’s financial wellbeing. Discover the tax advantages of employing your kids, then see 4 must-follow tips if you put the kids to work!
ERC Voluntary Disclosure Program Available for a Limited Time
As part of an ongoing initiative to combat questionable Employee Retention Credit (ERC) claims, the IRS has launched a voluntary disclosure program. It allows eligible businesses to pay back the money they received after filing ERC claims in error.
February 2024 Tax Due Dates
February 15 Individuals: File a new Form W-4 to continue exemption for another year if you claimed exemption from federal income tax withholding in 2023. Businesses: Provide Form 1099-B, 1099-S, and certain Forms 1099-MISC (those in which payments in Box …
Worker Classification: Employee vs. Contractor
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.
7 Smart Ways to Separate Business and Personal Expenses
Do You Avoid Separating Business and Personal Expenses?
You’re in good – or should we say, bad – company. Over half of American business owners use either their personal checking account or credit card for business purposes, according to a Forbes Expert Panel.