Taxes

How a Business Owner’s Home Office Can Result in Tax Deductions

As a business owner, you may be eligible to claim home office tax deductions that will reduce your taxable income. However, it’s crucial to understand the IRS rules to ensure compliance and avoid potential IRS audit risks. There are two methods for claiming this tax break: the actual expense method and the simplified method. Here are answers to frequently asked questions about the tax break.

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It May Not Be Too Late to Reduce Your 2024 Taxes

If you’re preparing to file your 2024 federal income tax return and your tax bill is higher than you’d expected or your tax refund is smaller than you’d hoped, there might still be an opportunity to change it. If you qualify, you can make a deductible contribution to a traditional IRA until the filing date of April 15, 2025, and benefit from the tax savings on your 2024 return.

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Questions About Taxes and Tips? Here Are Answers for Employers

Businesses in certain industries employ service workers who receive tips as a large part of their compensation. These businesses include restaurants, hotels, and salons. Compliance with federal and state tax regulations is vital if your business has employees who receive tips.

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Could You Be Hit with the Trust Fund Recovery Penalty?

If you own or manage a business with employees, you could be personally responsible for paying a harsh tax penalty. It’s called the Trust Fund Recovery Penalty (TFRP). It applies to the mishandling of Social Security and income taxes that must be withheld from employees’ wages.

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How to Manage Business Interest Expense Limits

Prior to the enactment of the Tax Cuts and Jobs Act (TCJA), businesses were able to claim a tax deduction for most business-related interest expense. The TCJA created Section 163(j), which generally limits deductions of business interest, with certain exceptions.

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March 2025 Tax Due Dates

March 17 Individuals: Report February tip income of $20 or more to employers (Form 4070). Employers: Deposit nonpayroll withheld income tax for February if the monthly deposit rule applies. Deposit Social Security, Medicare, and withheld income taxes for February if …

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Figuring out Your Correct Tax Filing Status

Understanding Your Tax Filing Status: A Key Factor in Your Tax Return Your filing status plays a crucial role in your tax return—it determines which tax forms you need, the size of your standard deduction, your eligibility for tax credits, …

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Claiming an Elderly Parent or Relative as a Dependent

Are you taking care of an elderly parent or relative? Whether it’s driving to doctor appointments, paying for nursing home care or medical expenses, or handling their personal finances, dealing with an elderly parent or relative can be emotionally and financially draining, especially when you are taking care of your own family as well.

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Tips for Taxpayers Who Make Money From a Hobby

Many people enjoy hobbies that are also a source of income. From soap making to pottery and jewelry making to calligraphy, these activities can be sources of both fun and finances. Taxpayers who make money from a hobby must report that income on their tax return.

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