11.26.24
Do You Have a False Sense of Cybersecurity?
By now, most contractors are well aware of the threat of cyberattacks. However, at least one recent survey indicates that many construction companies still aren’t…
11.26.24
Is a PTET Election Right for Your Construction Company
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”…
11.25.24
Self-Employment Tax: A Refresher on How It Works
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…
11.25.24
When Can You Deduct Business Meals and Entertainment?
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…
11.21.24
It’s Not Too Late To Trim Your 2024 Taxes
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…
11.12.24
The Amount You and Your Employees Can Save for Retirement Is Going Up Slightly in 2025
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…
11.8.24
How the U.S. Election Changes the Outlook for Taxes
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…
11.8.24
Seniors: A Taxwise Alternative To Selling Your Appreciated Home
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…
11.8.24
How IRS Auditors Learn About Your Business Industry
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…
11.8.24
Year-End Tax Planning Moves for Individuals
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…