Could you be hit with the Trust Fund Recovery Penalty?
Sat, Mar 1, 2025

Business owners with employees could have to personally pay a harsh tax penalty if they aren’t careful. It’s called the Trust Fund Recovery Penalty, and it applies to the Social Security and income taxes required to be withheld by a company from its employees’ wages. This article examines the risk and explains how business owners, managers and other parties can avoid penalties.
 

Next-level growth: Unlocking your business’s full potential
Sat, Mar 1, 2025

Small businesses encounter many challenges and opportunities. This article helps business owners through growing pains by addressing two key areas: 1) financial and tax reporting and 2) working capital.

It may Not be too late to reduce your 2024 taxes.
Sat, Mar 1, 2025

Taxpayers seeking to minimize their 2024 taxes may still be able to do so. Those who qualify can make a deductible 2024 contribution to a traditional IRA until the federal income tax return filing date (April 15, 2025).

File your FBAR on Time to avoid penalties
Sat, Mar 1, 2025

In an increasingly global society, many taxpayers hold foreign accounts. This article explains the rules regarding who must file a Report of Foreign Bank and Financial Accounts (FBAR) with the federal government.

Updated guide to robust depreciation write-offs for your business
Mon, Feb 3, 2025

Section 179 of the tax code provides opportunities for substantial first-year depreciation deductions when a business places newly acquired qualifying assets into service. The Sec. 179 deduction amounts change annually due to inflation adjustments and certain limitations apply. Additionally, it’s important to consider any available first-year bonus depreciation deductions when making decisions. Here’s what business owners need to know to optimize these tax benefits.

Who can take home office deductions?
Mon, Feb 3, 2025

Working from home was widespread during the COVID-19 pandemic, and many people continue working from their homes today. Those workers may wonder, “Can I claim home office tax deductions?”  The short answer is: Only if you’re self-employed. This article delves deeper into the rules involved.

Don’t move … until you’ve considered the tax implications
Mon, Feb 3, 2025

Many people think about moving to another state. However, it’s important to consider the tax ramifications before doing so. This article urges readers to identify all applicable taxes in a destination state and recommends being prepared to meet the legal requirements for establishing domicile.

Navigate the tax season with greater ease
Mon, Feb 3, 2025

It’s that time again: Time to start thinking about getting your tax return prepared. Here are some quick tips you can use to speed tax processing, avoid hassles and collect any refund due faster.

Year-end tax planning strategies for businesses
Fri, Nov 1, 2024

As 2024 is nearing its end, now is a good time for businesses to consider year-end moves that can help reduce their tax bills. This article explores several year-end tax planning strategies for businesses to consider. A brief sidebar answers the question of whether companies can write off bad business debts.

Year-end tax planning moves for individuals
Fri, Nov 1, 2024

It’s almost holiday season, so taxes probably aren’t top of mind for taxpayers. But along with the festivities, it’s also a good time to consider tax strategies that may reduce this year’s tax bill — and possibly future years’ tax bills as well. Here are three tax planning moves that might trim the fat off a 2024 tax bill.

Want to find out what IRS auditors know about your industry?
Fri, Nov 1, 2024

To prepare for a business audit, an IRS examiner generally researches the specific industry and issues on the taxpayer’s return. Examiners may use IRS Audit Techniques Guides (ATGs) to do so. A little-known secret is that these guides are available to the public on the IRS website. In other words, a business can use the same guides to gain insight into what the IRS is looking for in terms of compliance with tax laws and regulations.

Seniors: A taxwise alternative to selling your appreciated home
Fri, Nov 1, 2024

In recent years, the residential real estate market has surged in many areas. That means there are more seniors with highly appreciated homes than ever before. Here’s one tax-saving strategy to consider for seniors who may be wondering whether they should sell or stay in their home — and may be concerned about the tax bill.