Tax Tips
Most businesses today understand all too well that they must craft a robust and varied benefits package to draw good job candidates and retain valued employees.
But beyond basics such as health insurance and a retirement plan, there are so many options. Well, you can add one more to the list: fertility benefits.
Choosing the right business entity is a crucial decision for any business. The entity you pick can affect your tax bill, your personal liability, and other issues. A limited liability company (LLC) is an attractive choice for many businesses. It can be structured to resemble a corporation for owner liability purposes and a partnership for federal tax purposes. This duality may provide the owners with several benefits.
Your businesses may have a choice between using the cash or accrual method of accounting for tax purposes. The cash method often provides significant tax benefits for those that qualify. However, some businesses may be better off using the accrual method. Therefore, you need to evaluate the tax accounting method for your business to ensure that it’s the most beneficial approach.
If you pay premiums for Medicare health insurance, you may be able to combine them with other qualifying expenses and claim them as an itemized deduction for medical expenses on your tax return. This includes amounts for “Medigap” insurance and Medicare Advantage plans, which cover some costs that Medicare Parts A and B don’t cover.
If you requested an extension to file your 2023 tax return, you probably know that the extended deadline is coming up soon, on October 15. If you have the information you need, consider filing now. There’s no advantage to waiting, and last-minute filing may lead to worry.
Employers seeking to attract new recruits and retain talent should consider offering educational assistance programs to their employees. The plans aren’t new, but they temporarily offer greater flexibility in how they work.
When the leadership teams of many companies engage in strategic planning, they may be inclined to play it safe. And that’s understandable; sticking to strengths and slow, measured growth are often safe pathways to success.
Most businesses have websites today. Despite their widespread use, the IRS hasn’t issued formal guidance on when website costs can be deducted.
However, there are established rules that generally apply to the deductibility of business expenses and provide business taxpayers launching a website with some guidance about proper treatment. In addition, businesses can turn to IRS guidance on software costs. Here are some answers to questions you may have.
Want to make money by renting out your home? If done correctly, this can boost your cash flow with minimal effort. Selling your home to your S corporation is one of the best strategies. Here’s why it’s better than just converting your home to a rental property.
Owning and running a company tends to test one’s patience. You wait for strategies to play out. You wait for materials, supplies, or equipment to arrive. You wait for key positions to be filled. But, when it comes to sales, how patient should you be? A widely used metric called “sales velocity” can help you decide.
