Newsletters

Retirement saving options for your small business
Fri, Mar 1, 2024

Business owners who wish to set up a retirement plan for themselves and their employees may be worried about the financial commitment and administrative burdens involved.  This article looks first at a “simplified employee pension” (SEP). Small business owners who establish and contribute to a SEP by the due date of their 2023 tax returns can still see tax savings for 2023. A sidebar describes a second retirement saving option, which is a “savings incentive match plan for employees” or SIMPLE.


Hiring? How to benefit from the Work Opportunity Tax Credit
Fri, Mar 1, 2024

Businesses that are seeking to hire should be aware of a valuable tax credit for hiring individuals from one or more targeted groups. Employers can qualify for the Work Opportunity Tax Credit (WOTC), which is worth as much as $2,400 for most eligible employees ($4,800, $5,600 and $9,600 for certain veterans and $9,000 for long-term family assistance recipients). The credit is generally limited to eligible employees who begin work for the employer before January 1, 2026.


Have you recently reviewed your life insurance needs?
Fri, Mar 1, 2024

At one time, life insurance played a much bigger role in estate planning than it does now. That’s because life insurance was needed to pay estate tax, which affected more people than it does now. With the federal gift and estate tax exemption now at $13.61 million for 2024, far fewer families must pay estate tax. Here’s how to evaluate your life insurance needs in light of circumstances today.


The Child Tax Credit is still available
Fri, Mar 1, 2024

Parents know that raising children is expensive. Although some of the enhancements of the Child Tax Credit (CTC) have expired, the credit is still available for eligible parents of children under age 17.  Plus, there’s still time for taxpayers to claim the CTC on their 2023 tax returns, if they haven’t filed yet. This short article reviews the current rules.


Traveling for business in 2024? What’s deductible?
Thu, Feb 1, 2024

For employers and their employees traveling for business this year, there are a number of considerations to keep in mind. Under the tax law, in order to claim deductions, certain requirements for out-of-town business travel within the United States must be met. The rules apply if the business conducted reasonably requires an overnight stay.


How to secure a tax benefit with the QBI deduction
Thu, Feb 1, 2024

The qualified business income (QBI) deduction, authorized by the Tax Cuts and Jobs Act (TCJA), is available to owners of pass-through entities — such as S corporations, partnerships and limited liability companies (LLCs) — as well as self-employed individuals. This article highlights how the QBI deduction works and explains that it’s only available for a limited time, unless Congress takes further legislative action.


Tracking down donation substantiation
Thu, Feb 1, 2024

To support a charitable deduction, taxpayers need to comply with IRS substantiation requirements. But what if the taxpayer never receives a letter from the charity substantiating a donation? This article explains the rules.


There may still be time to lower your 2023 tax bill
Thu, Feb 1, 2024

Taxpayers preparing to file tax returns for 2023 may still have an opportunity to lower their tax bills. Those who are eligible can make tax-deductible contributions to traditional IRAs right up until this year’s April 15 tax-filing deadline, and benefit from the tax savings on their 2023 returns.   


Download the Full March Newsletter
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Archived Newsletters

January's Topics:

Retirement saving options for your small business
Hiring? How to benefit from the Work Opportunity Tax Credit
Have you recently reviewed your life insurance needs?
The Child Tax Credit is still available

 

December's Topics:

Use the tax code to make business losses less painful
Education benefits help attract, retain and motivate your employees
Consider the flexibility of a self-directed IRA
3 strategies for handling estimated tax payments

 

November's Topics

Is disability income taxable?
How to secure a business bad debt deduction
One-time thing: IRA to HSA transfers
Follow IRS Rules to Nail Down a Charitable Tax Deduction

 

October's Topics:

Do you run a business from home?
The deductibility of medical expenses
Don’t get carried away by a windfall
State taxes affect business sales, too
Tax Calendar