The clock continues to tick. Your retirement is one year closer.
You have time before December 31 to take steps that will help you fund the retirement you desire. Here are four things to consider.
Last-Minute Year-End General Business Income Tax Deductions
Here are six powerful business tax deduction strategies you can easily understand and implement before the end of 2022.
Say Goodbye to 100 Percent Bonus Depreciation
All good things must come to an end. On December 31, 2022, one of the best tax deductions ever for businesses will end: 100 percent bonus depreciation.
Avoid These Mistakes When Converting to an S Corporation
At first glance, the corporate tax rules for forming an S corporation appear simple. They are not.
Here is what your business must look like when it operates as an S corporation…
Self-Employment Taxes for Partners and LLC Members
Does a member of a limited liability company (LLC) or a partner in a partnership have to pay self-employment taxes on the member’s or partner’s share of the entity’s income?
Incredibly, the answer is not always clear
Self-Employment Tax Basics
If you own an unincorporated business, you likely pay at least three different federal taxes. In addition to federal income taxes, you must pay Social Security and Medicare taxes, also called the self-employment tax.
Self-employment taxes are not insubstantial. Indeed, many business owners pay more in self-employment taxes than in income tax.
New 62.5 Cents Mileage Rate
The IRS noticed that average gas prices across the United States exceeded $5.00 a gallon and took action.
Small businesses that qualify to use and do use the standard mileage rate can deduct 62.5 cents per business mile from July 1 through December 31, 2022
Paying Your Child: W-2 or 1099?
I will hire my 15-year-old daughter to work in my single-member LLC business, and I expect to pay her about $12,000 this year. Do I pay her through payroll checks and file a W-2?”
How to Deduct a Cruise to Mexico
You may not have thought of this, but taking a cruise ship to Mexico for a business meeting is acceptable as a deductible form of transportation.
Because Mexico is in the tax law–defined North American area, the law says that you need no stronger business reason to deduct your trip to Mexico than you need to deduct a trip to Chicago, Illinois, or Scottsdale, Arizona.
IRS Says Your Independent Contractors Are Employees?
Depending on the extent to which you have complied with IRS reporting requirements, and the strength of your arguments for why your workers are really independent contractors rather than employees, CSP agreements will vary.