Tax-Saving Tips – April 2024
April 2024 Turn Your Vacation—Even a Luxurious One—into Tax-Deductible Business Travel Here’s an idea: how about transforming your next vacation into business travel? With ca
IRAs for Young Adults
IRAs for Young Adults As we navigate the complexities of financial planning, one opportunity stands out for young adults: individual retirement accounts (IRAs). With the 2023 tax-y
Estimated Tax Penalties
Estimated Tax Penalties The United States has a “pay as you go” tax system in which payments for income tax (and, where applicable, Social Security and Medicare taxes) must be
Corporate Transparency Act Requires BOI Reporting to FinCEN
Corporate Transparency Act Requires BOI Reporting to FinCEN The Corporate Transparency Act (CTA) is upon us. It took effect on January 1, 2024, and imposes a new federal filing req
New FinCEN Filings Go into Effect on January 1
New FinCEN Filings Go into Effect on January 1 For existing businesses, the Corporate Transparency Act (CTA) goes into effect on January 1, 2024, and imposes a brand-new federal fi
Last Minute Strategies
Last-Minute Year-End General Business Income Tax Deductions The purpose of this article is to reveal how you can get the IRS to owe you money. Of course, the IRS will not likely cu
Donations, Deductions, and the Augusta Rule
Donating Clothing to Goodwill and the Salvation Army As the year comes to a close, many taxpayers consider making clothing and household item donations both to give back and to
HSAs for Business Owners
When enacted, the Affordable Care Act (ACA) eliminated most small-business health plans that reimbursed individually purchased health insurance. Consequently, many small business o
ICHRA Unleashed: Transforming Small Business Health Benefits
The individual coverage health reimbursement arrangement (ICHRA) allows businesses of all sizes, from large corporations to small businesses like yours, to reimburse employees for
Self-Employment Tax Basics
If you own an unincorporated business, you likely pay at least three different federal taxes. In addition to federal income taxes, you must pay Social Security and Medicare taxes,