Small Business Tax Tips A lot of people tend to face taxes with dread. They’re not criminal tax evaders, mind you. They’re just small business owners with tax-related phobia. Preparing and filing taxes give them the same awful feeling the way some people feel about visiting the dentist or...
When clients call me looking to create tax deductions before year end, I generally deliver the bad news that if they want to bring their taxable income down they are going to have to spend some of their money or at least put it in a restricted account. This,...
If you paid $10 or more in gross royalties or $600 or more in rents or compensation to a person who is not an employee or to an unincorporated business you are most likely required to report the amount on a Form 1099. The payments have to be made...
To be deductible expenses, a business expense must be ordinary, necessary and reasonable in amount. The part of that three-pronged test that seems to give taxpayers the biggest problem is the reasonable amount.
If you paid $10 or more in gross royalties or $600 or more in rents or compensation to a person who is not an employee or to an unincorporated business you are most likely required to report the amount on a Form 1099. The payments have to be made...
This is important information regarding Employer Reporting Requirements of the Affordable Care Act beginning in 2016 (for health coverage offered on or after January 1, 2015). Internal Revenue Code (IRC) Section 6056 requires Applicable Large Employers (ALEs) and employers of all sizes with self-insured plans to file information returns...
It’s official! The House, Senate, and President passed the Protecting Americans from Tax Hikes Act of 2015 (PATH Act), which includes momentous tax breaks and incentives for taxpayers. Included in this legislation are over 20 vital permanent provisions that will benefit individuals and businesses alike, including a permanent R&D...
Does your organization use temporary workers or independent contractors on a regular basis?
Your company probably offers an array of fringe benefits to its employees, including health insurance and group-term life insurance. While there are certain requirements, these fringe benefits are generally deductible by the company and tax-free to the employees as long as they are not discriminatory in nature. (If your...
There are instances when you can write off interest on personal loans used for business purposes, such as injecting capital into an S corporation, multi-member LLC, partnership or C corporation. But keep in mind that interest expenses must be classified into one of four categories (see box at the...
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