It’s January, and tax season is right around the corner. For many people, that means scrambling to collect receipts, mileage logs, and other tax-related documents needed to prepare their tax returns. If this describes you, chances are, you’re wishing you’d kept on top of it during the year so you could avoid this scenario yet again. With this in mind, here are seven suggestions to help taxpayers like you keep good records throughout the year:
Reminder: Use Correct Forms to Pay Employment Taxes
Small business owners are reminded to review the rules for filing two commonly-used employment tax returns: Form 944, Employer’s Annual Federal Tax Return and Form 941, Employer’s Quarterly Federal Tax Return.
A small business files one or the other; these two forms are not interchangeable and the employer should never flip-flop between the two forms on their own. They should always file in accordance with their designated filing requirements. Let’s take a look at the differences between these forms.
6 Year-End Tax Strategies to Reduce Your Business Taxes
Year-round tax planning produces the best results, but December still offers opportunities to reduce your business taxes. Use these six strategies before year-end:
Important Information About Charitable Giving This Year
For many nonprofits and taxpayers alike, Giving Tuesday is the start of the charitable giving season. While most organizations are legitimate, taxpayers should always research charities before donating.
It is also a good idea to understand the expanded tax benefits of giving to causes that mean something to you personally. Taxpayers should also know that they may be able to deduct donations to tax-exempt organizations on their tax returns.
No Income? You Can Still Claim a Home-Office Deduction
Question: My CPA said that if I didn’t have any business income this year, I couldn’t take a home-office deduction. Is that true?
Make Sure Every Donation Counts
Charities obviously benefit when you donate to them. But you can also benefit by securing a tax deduction on this year’s income tax return if you donate by December 31, itemize deductions, and comply with the tax rules. Here are a few rules to keep in mind:
5 Smart Tips for Individual Year-End Tax Planning
Even during the last two months of the year, you can take steps to reduce your 2025 tax liability. Here are five practical strategies to consider.
Throwing a Party for Your Workforce? Know the Tax Rules
The holiday season is here once again, and for some workplaces, that means holiday parties. Although the rules for deducting business entertainment expenses changed several years ago, you may still qualify for some holiday party write-offs for this year, possibly even the entire cost.
As you plan, understand the rules so you can avoid potentially costly missteps.
Real Estate Improvements: Deduct Now or Later?
Commercial real estate usually must be depreciated over 39 years. But certain real estate improvements — specifically, qualified improvement property (QIP) — are eligible for accelerated depreciation and can even be fully deducted immediately. While maximizing first-year depreciation is often beneficial, it’s not always the best tax move.
Year-End Tax Planning for Accrual-Basis Taxpayers
Projecting your business’s income for this year and next can allow you to time income and deductible expenses to your tax advantage. It’s generally better to defer tax — unless you expect to be in a higher tax bracket next year. Timing income and expenses can be easier for cash-basis taxpayers. But accrual-basis taxpayers have some unique tax-saving opportunities when it comes to deductions.