News

Many businesses turn to independent contractors to fill open roles and reduce costs. To avoid costly issues with the IRS, it’s important to understand the key rules that govern worker classification.

If you receive a court award or out-of-court settlement, do you have to pay tax on it? The answer is … it depends.

Just because you filed your 2024 tax return doesn’t mean the questions about it stop. Here are some answers.

As a C corporation or S corporation business owner, setting your own salary can be tricky. If it’s too high or too low, the IRS may step in. Here’s how to help ensure your compensation is considered reasonable, which helps keep your tax deductions intact.

Harvesting capital losses is a viable tax-saving strategy as long as you avoid the wash sale rule. Here’s how it works.

A Section 127 educational assistance plan can be a smart investment for your business. With this tax-favored benefit, employees can finish degrees, pursue graduate study and even pay off student loan debt.

As a small business owner, you might hesitate to establish a retirement plan due to the administrative complexities involved. However, there are two alternatives worth considering that come with fewer requirements than traditional qualified retirement plans.

Are you considering bringing your high-school- or college-age child into your business this summer? If you hire him or her, it could be a smart move with substantial tax advantages.

Unpaid taxes withheld from your company’s employees might come back to bite you harder than you think. Find out how the 100% penalty can sink its teeth into your personal finances.

After filing, you may want to do some spring cleaning and discard tax documents. But don’t throw away records you might need in the case of an IRS audit. Here are the rules.

April 15 is double trouble! Of course, it’s the deadline for filing your 2024 tax return but there’s another important deadline that day.

Unless you’re eligible for an exception, you may not be able to deduct rental real estate tax losses for years. Here are the details of the exceptions.

You may feel you’re the head of your household if you’re married, single, divorced, a parent or child-free. However, only certain people can file a tax return with the favorable “head of household” status. Here are the rules.

No matter how meticulous your business is, payroll taxes can be complex. Here are six quick tips to help you stay on track.

Thinking about lending money to a family member or friend? There may be tax implications you should understand.

Business owners have several options when planning for succession. Here are five to consider, along with the tax implications.

If you invest in the stock market, you’ve probably owned some losing shares. Here are the rules for claiming losses on your tax return for depreciated or worthless stock.

If you’re commuting to work and your employer offers tax-free transportation fringe benefits, you need to read this.

When starting a new business, you have several entity options to consider. One option is an S corporation. Here are some of its advantages.

The April 15 tax filing deadline is just around the corner. Keep in mind that it’s also the deadline for filing a gift tax return if you made large gifts last year. Find out if you must file a 2024 gift tax return and if not, why you may want to file one anyway.

Years ago, businesses used to be able to claim a tax deduction for most business-related interest expense. The Tax Cuts and Jobs Act changed that. Here’s the current situation.

To itemize deductions or not to itemize deductions? Here’s how the decision is made.

Small business owners who work from home may be able to reduce their tax bills with home office deductions. Are you eligible?

The tax rules for business losses from partnerships, S corporations and LLCs can be complex. Here’s what you need to know when filing your tax return.

The best way to grow your nest egg is to save for retirement today. There’s still time if you’re eligible and you didn’t contribute the maximum amount allowed in 2024 to a traditional IRA or SEP.