Unravel the complexities of the S Corporation (S Corp) in this informative video.
S Corporations, the letter “S” just stands for the section of the tax code that created it.
For 199A Tax Deductions, Must Landlords Give 1099s to Vendors
The preamble to the Section 199A final regulations contains the following new sentence:
… taxpayers should consider the appropriateness of treating a rental activity as a trade or business for purposes of section 199A where the taxpayer does not comply with the information return filing requirements under section 6041.
Withdrawing ERC Claims
Halted Employee Retention Credit Claim Withdrawals
Recently, the IRS halted the processing of claims for the Employee Retention Credit (ERC) due to a high volume of fraudulent claims. The moratorium is through at least the end of 2023. ERC claims that were already filed are now subject to longer processing, including heightened scrutiny to weed out fraud.
One-Time Thing: IRA to HSA Transfer
Did you know that you can transfer funds directly from your IRA to a Health Savings Account (HSA) without taxes or penalties? Under current law, you’re permitted to make one such “qualified HSA funding distribution” during your lifetime.
Follow IRS Rules to Nail Down a Charitable Tax Deduction
Donating cash and property to your favorite charity is beneficial to the charity but also to you in the form of a tax deduction if you itemize. However, to be deductible, your donation must meet certain IRS criteria.
Is Disability Income Taxable?
If you may be eligible for disability income should you become disabled, it’s important to know whether that income will be taxable. As is often the case with tax questions, the answer is “it depends.”
New Per Diem Rates for Business Travel
The IRS has announced the per diem rates for ordinary and necessary business travel expenses in the fiscal year 2023-24:
Secure a Business Bad Debt Deduction on Your Tax Return
Is your business having trouble collecting payments from clients or vendors? You might be able to claim a bad debt deduction on your tax return. But if you hope to take the deduction on your return for this year, you’ll have to get busy because you must be able to show that you’ve made a “reasonable” effort to collect the debt.
Seven Common Small Business Tax Myths
The complexity of the tax code generates a lot of folklore and misinformation that could lead to costly mistakes such as penalties for failing to file on time or, on the flip side, not taking advantage of deductions you are legally entitled to take and giving the IRS more money than you need to. With this in mind, let’s take a look at seven common small business tax myths.
The Ins and Outs of the Home Office Deduction
The pandemic changed the landscape of work for a lot of people, including the numerous business owners who began running their businesses from their homes. Many are still working from their home offices, whether full-time or on a hybrid basis. If you’re self-employed and run your business from home, or perform certain functions there, you might be able to claim deductions for home office expenses against your business income.