You’ve probably heard that if you drive your personal vehicle for business, you can deduct mileage. But here’s what most business owners don’t realize: There’s a hidden vehicle depreciation tax deduction built into every mile you drive. See, when you take the IRS standard mileage rate—or your S or C corp reimburses you for it—that […]
You may have seen headlines recently about something called the “One Big Beautiful Tax Bill.” (We had two emails on it last week.) This bill has been labeled as either a much-needed economic catalyst and a fiscal time bomb. But here’s the truth: the bill itself isn’t the real issue. The U.S. has been on […]
The type of accountant you need for your business depends on your specific needs and goals. Here are some factors to consider when deciding which type of accounting is right for your business:
Claimed the employee retention credit (ERC) in the 4th quarter of 2021? Read about a retroactive change impacting the credit for the 4th quarter of 2021.
Bid farewell to the employee retention credit (ERC) for the 4th quarter. Lawmakers giveth, and lawmakers taketh away.
In this case, what lawmakers did is pitiful. It's like magic: now you see it, now you don't.
The majority of taxpayers do not deliberately sustain tax penalties, however lots of who are penalized are merely not aware of the penalties or the possible damage they can do to their finances. As tax season approaches, let's take a look at several of the more frequently experienced penalties and how they might be prevented.
December is the month to take final actions that can impact your tax outcome for 2021. Taxpayers with significant boosts or declines in income, modifications in marital status or dependent status, and those who sold off residential or commercial property during the course of 2021 ought to seek a tax planning consultation appointment.
Remember to consider your Section 199A deduction in your year-end tax preparation. If you don't, you might wind up with an undesirable $0 for your deduction quantity.
Here are five things that happened this past month that affect your small business.