If you’re like many Americans, your mailbox may have been filling up in recent weeks with letters from your favorite charities acknowledging your 2023 donations. But what happens if you haven’t received such a letter for a contribution? Can you still claim a deduction on your 2023 income tax return for the gift? It depends.
The Kids Are More Than Alright: 3 Tax Benefits of Employing Your Kids
Tax Advantages of Employing Your Kids
Do you run a small business? Got kids under 18? Now is the time to put them on the payroll. Employing your kids is a winning triple play that benefits your children, your business, and your family’s financial wellbeing. Discover the tax advantages of employing your kids, then see 4 must-follow tips if you put the kids to work!
ERC Voluntary Disclosure Program Available for a Limited Time
As part of an ongoing initiative to combat questionable Employee Retention Credit (ERC) claims, the IRS has launched a voluntary disclosure program. It allows eligible businesses to pay back the money they received after filing ERC claims in error.
Choosing the Right Entity for Your Real Estate Business
When it comes to real estate, selecting the right business entity is a pivotal decision. Join us as we explore the best options tailored to your real estate endeavors. Rental Properties: Discover why LLCs and partnerships are top choices for …
Individual Taxpayers: The Year in Review
As we close out the year and get ready for tax season, here’s what individuals and families need to know about tax provisions for 2022.
Make Business Losses Less Painful Through Tax Code
Whether you’re operating a new company or an established business, losses can happen. The federal tax code may help soften the blow by allowing businesses to apply losses to offset taxable income in future years, subject to certain limitations.
3 Strategies for Estimated Tax Payments
Many individuals today are self-employed or generate income from interest, rent, dividends, and other sources. If you’re in this situation, you could be risking penalties if you don’t pay enough taxes during the year through estimated tax payments and withholding. (The due date for the final estimated payment for 2023 is January 16, 2024.)
Self-Directed IRAs Provide Both Flexibility and Risk
Traditional and Roth IRAs can be relatively “safe” retirement-saving vehicles, though, depending on what they’re invested in, they limit your investment choices. For more flexibility in investment choices but also more risk, another option is a self-directed IRA.
Business Savings: Acquiring & Placing Assets in Service by Year-End
Under Section 179 of the Internal Revenue Code, companies can “expense” the full cost of qualifying fixed assets to reduce their taxable income. This means they can deduct the purchase amount currently rather than having to depreciate the asset over many years. Both new and used fixed assets can qualify. The election is available for qualified property placed in service anytime during the tax year.
Education Benefits Attract & Retain Employees While Saving Taxes
Your business can attract and retain employees by providing education benefits that enable team members to improve their skills and gain additional knowledge, all on a tax-advantaged basis. Here’s a closer look at some education benefits options.