Business
You’re in good – or should we say, bad – company. Over half of American business owners use either their personal checking account or credit card for business purposes, according to a Forbes Expert Panel.
It’s that time of year again! Time for business owners to get together with their accountants to review the previous year’s taxes. If you’ve already started crunching your 2023 numbers and don’t like what you see, there are still ways to uncover hidden tax deductions – which could potentially save you thousands.
If you operate your small business as a sole proprietorship, you may have thought about forming a limited liability company (LLC) to protect your assets. Or maybe you’re launching a new business and want to know the options for setting it up. Here are the basics of operating as an LLC and why it might be a good choice for your business.
In the ever-evolving landscape of regulatory changes, it is imperative for businesses to stay informed and adapt to new legislation. One such crucial development is the Corporate Transparency Act (CTA), which went into effect on 1/1/24. As your trusted accounting partner, we are here to guide you through the essential aspects of the CTA and outline the necessary steps your business should take to ensure compliance.
The IRS has issued the 2024 optional cents-per-mile rates used to calculate the tax-deductible costs of operating a vehicle:
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.
The IRS has announced the per diem rates for ordinary and necessary business travel expenses in the fiscal year 2023-24:
Is your business having trouble collecting payments from clients or vendors? You might be able to claim a bad debt deduction on your tax return. But if you hope to take the deduction on your return for this year, you’ll have to get busy because you must be able to show that you’ve made a “reasonable” effort to collect the debt.
I own a business, am I allowed to take tax deductions for business travel?
The overall answer is yes. Whether you’re a single-owner LLC or own an S-Corp business with multiple employees, you can take tax deductions for business travel. However, as is always the case in the world of tax law, things get…intricate.
The pandemic changed the landscape of work for a lot of people, including the numerous business owners who began running their businesses from their homes. Many are still working from their home offices, whether full-time or on a hybrid basis. If you’re self-employed and run your business from home, or perform certain functions there, you might be able to claim deductions for home office expenses against your business income.
