The IRS is providing broad-based penalty relief to most taxpayers who filed certain 2019 and/or 2020 tax returns late due to the COVID-19 pandemic. Find out if you might qualify.
Because of the soaring price of gasoline, the IRS has increased the standard mileage rate for qualified business driving for the second half of 2022 from 58.5 cents per mile to 62.5 cents per mile.
Smart timing of deductible expenses can reduce your tax liability, and poor timing can unnecessarily increase it. Should you prepay property tax on your home to accelerate your deduction into 2017?
Many business owners are so focused on their business that they neglect retirement planning. If you’re among them, setting up a cash balance plan for your business can turbocharge your retirement savings.
Restricted stock, stock options and nonqualified deferred compensation can be valuable forms of compensation. But could your exec comp be subject to the additional 0.9% Medicare tax or the 3.8% NIIT?
While no one wants to lose money, realizing a capital loss on an investment can provide tax savings. Don’t let the wash sale rule wash out the tax benefits.
Year-end tax planning and possible tax law changes aren’t the only tax issues business owners should be considering as we enter the fall season. It’s also important to be aware of the Q4 2017 filing deadlines coming up.
Charitable donations of real estate can provide tax benefits well beyond those of making cash contributions. But such donations must be planned carefully to avoid undesirable tax consequences.
Summer has flown by and now it’s time for students and their teachers to head back to class. Teachers who buy supplies for their classrooms may be eligible for a tax break. Learn more.
Have you recently converted a traditional IRA to a Roth IRA? Are you having second thoughts about the conversion? It may not be too late to change your mind and avoid the tax consequences of the conversion.
States may exempt from sales and use tax such items as equipment used in manufacturing, and custom software used for research and development. Is your business due a refund? Find out with a reverse audit.
Many consider tax planning to be a year-end activity. But you can boost the power of your individual tax planning by implementing these three strategies now.
Which tax reform proposals will make it into legislation and when such legislation will be voted on is uncertain. In the meantime, consider these three business tax tips from the last big tax law.
Owning a vacation home can provide both a retreat from the stresses of everyday life and a valuable source of income. How much you personally use your vacation home vs. rent it out may have a major impact on your taxes.
No one really wants to think about taxes during the summer, when they’re enjoying everything this typically more-relaxed season has to offer. But a little effort now can pay off later.