Businesses structured as partnerships, S corporations or limited liability companies generally aren’t subject to the federal corporate income tax. This is because tax liability “passes through”…
If you own a growing, unincorporated small business, you may be concerned about high self-employment (SE) tax bills. The SE tax is how Social Security…
You’re not alone if you’re confused about the federal tax treatment of business-related meal and entertainment expenses. The rules have changed in recent years. Let’s…
As the end of the year draws near, savvy taxpayers look for ways to reduce their tax bills. This year, the sense of urgency is…
How much can you and your employees contribute to your 401(k)s or other retirement plans next year? In Notice 2024-80, the IRS recently announced cost-of-living…
The outcome of the November 5 election is likely to significantly impact taxes. Many provisions in President-elect Donald Trump’s signature tax legislation from his first time…
In recent years, the residential real estate market has surged in many areas. That means many homes have greatly appreciated. If seniors are thinking about…
To prepare for a business audit, an IRS examiner generally researches the specific industry and issues on the taxpayer’s return. Examiners may use IRS Audit…
It’s almost holiday season, so taxes probably aren’t top of mind for most taxpayers. But along with the festivities, it’s also a good time to…
As 2024 is nearing its end, now is a good time to consider year-end tax planning strategies to help reduce the tax your business will…