Businesses in certain industries employ service workers who receive tips as a significant part of their compensation. These businesses include restaurants, hotels, and salons. Ensuring compliance with federal and state tax regulations is essential for any employer with tipped employees. Understanding tax deductions, the Section 179 deduction, and other tax benefits can help reduce taxable […]
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The nationwide price of gas is slightly higher than it was a year ago and the 2025 optional standard mileage rate used to calculate the deductible cost of operating an automobile for business has also gone up. The IRS recently announced that the 2025 cents-per-mile rate for the business use of a car, van, pickup […]
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How much can you and your employees contribute to your 401(k)s or other retirement plans next year? In Notice 2024-80, the IRS recently announced cost-of-living adjustments that apply to the dollar limitations for retirement plans, as well as other qualified plans, for 2025. With inflation easing, the amounts aren’t increasing as much as in recent […]
As a business owner, you may travel to visit customers, attend conferences, check on vendors and for other purposes. Understanding which travel expenses are tax deductible can significantly affect your bottom line. Properly managing travel costs can help ensure compliance and maximize your tax savings. Your tax home Eligible taxpayers can deduct the ordinary and […]
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Here are some of the key tax deadlines affecting businesses and other employers during the fourth quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. Note: […]
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Choosing the right business entity is a key decision for any business. The entity you pick can affect your tax bill, your personal liability, and other issues. For many businesses, a limited liability company (LLC) is an attractive choice. You can structure it to resemble a corporation for owner-liability purposes. You can also structure the […]
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When drafting partnership and LLC operating agreements, various tax issues must be addressed. This is also true of multi-member LLCs that are treated as partnerships for tax purposes. Here are some critical issues to include in your agreement so your business remains in compliance with federal tax law. 1. Identify and describe guaranteed payments to […]
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With school out, you might be hiring your child to work at your company. In addition to giving your child some business knowledge, you and your child could reap some tax advantages. Benefits for your child There are special tax breaks for hiring your offspring if you operate your business as one of the following: […]
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Now is a good time to review the rules for computing corporate federal estimated tax payments. The next quarterly estimated tax payment deadline is June 17 for individuals and businesses. You want your business to pay the minimum estimated tax amount without triggering the penalty for underpayment of estimated tax. Four possible options The required installment […]
What’s the best accounting method? Businesses have two accounting methods to figure their taxable income: cash and accrual. Many businesses have a choice of which method to use for tax purposes. The cash method often provides significant tax benefits for eligible businesses, though some may be better off using the accrual method. Thus, it may […]
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