The CARES Act liberalizes net operating losses
The Coronavirus Aid, Relief, and Economic Security (CARES) Act eliminates some of the tax-revenue-generating provisions included in a previous tax law. Here’s a look at
Hiring independent contractors? Make sure they’re properly classified
As a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But you should be careful that
Determine a reasonable salary for a corporate business owner
If you’re the owner of an incorporated business, you probably know that there’s a tax advantage to taking money out of a C corporation as
Do you run your business from home? You might be eligible for home office deductions
If you’re self-employed and work out of an office in your home, you may be entitled to home office deductions. However, you must satisfy strict
How business owners may be able to reduce tax by using an S corporation
Do you conduct your business as a sole proprietorship or as a wholly owned limited liability company (LLC)? If so, you’re subject to both income
Do your employees receive tips? You may be eligible for a tax credit
Are you an employer who owns a business where tipping is customary for providing food and beverages? You may qualify for a tax credit involving
Steer clear of the Trust Fund Recovery Penalty
If you own or manage a business with employees, you may be at risk for a severe tax penalty. It’s called the “Trust Fund Recovery
Launching a business? How to treat start-up expenses on your tax return.
While the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch new businesses. For example, some businesses
Small businesses: Get ready for your 1099-MISC reporting requirements
A month after the new year begins, your business may be required to comply with rules to report amounts paid to independent contractors, vendors and
Get Ready to File
With the tax filing season almost here, taxpayers may want to check out a new IRS publication from the IRS. “Publication 5348, Get Ready to