Many businesses use independent contractors to help keep their costs down — especially in these times of staff shortages and inflationary pressures. If you’re among
Starting a business? How expenses will be treated on your tax return
Government officials saw a large increase in the number of new businesses launched during the COVID-19 pandemic. And the U.S. Census Bureau reports that business
Use an S corporation to mitigate federal employment tax bills
If you own an unincorporated small business, you probably don’t like the size of your self-employment (SE) tax bills. No wonder! For 2023, the SE
Corporate officers or shareholders: How should you treat expenses paid personally?
If you play a major role in a closely held corporation, you may sometimes spend money on corporate expenses personally. These costs may end up
The advantages of using an LLC for your small business
If you operate your small business as a sole proprietorship, you may have thought about forming a limited liability company (LLC) to protect your assets.
Planning ahead for 2024: Should your 401(k) help employees with emergencies?
The SECURE 2.0 law, which was enacted last year, contains wide-ranging changes to retirement plans. One provision in the law is that eligible employers will
Guaranteeing a loan to your corporation? There may be tax implications
Let’s say you decide to, or are asked to, guarantee a loan to your corporation. Before agreeing to act as a guarantor, endorser or indemnitor
Update on depreciating business assets
The Tax Cuts and Jobs Act liberalized the rules for depreciating business assets. However, the amounts change every year due to inflation adjustments. And due
It’s important to understand how taxes factor into M&A transactions
In recent years, merger and acquisition activity has been strong in many industries. If your business is considering merging with or acquiring another business, it’s
What types of expenses can’t be written off by your business?
If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically