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For Small Businesses: Use the Tax Code to Make Losses Less Painful

May 18, 2023

You may have a net operating loss for your business if your deductions for the year are more than your income for the year. Here are the basic rules.

Tax Advice: Questions You May Still Have After Filing Your Tax Return

May 18, 2023

Even if you filed your 2022 tax return by the deadline, you may still have questions. We’re often asked about refund status, how long to keep records and when an amended tax return should be filed. Here are some answers.

Tax Advice: The IRS Clarifies What Counts as Qualified Medical Expenses

May 9, 2023

Can you deduct a gym membership as a medical expense on your tax return? What about nutritional supplements? The IRS recently answered these and other questions.

For Small Businesses: The Benefits of Education Benefits

May 9, 2023

An educational assistance program can be a win-win. Employees value the perk and employers can benefit from a more educated, motivated workforce. Here are the basic tax rules.

Tax Advice: For Investors and Users of Cryptocurrency

May 9, 2023

The IRS is asking more questions about cryptocurrency and digital assets and will soon be learning more information about those who invest in and use them.

For Small Businesses: Ensuring Compensation is "Reasonable"

May 9, 2023

C corporation owners: To keep your compensation tax deductible, you need to ensure it’s “reasonable.” Otherwise, it could be deemed a dividend. Here are four steps to take.

Tax Advice: A Favorable "Stepped-Up Basis" If You Inherit Property

May 4, 2023

If you’ve inherited assets or you’re planning your estate, it’s crucial to understand the “step-up” basis rules.

Files of paperwork labeled "Taxes" and "Receipts"

Tax Advice: Paperwork You Can Toss After Filing Your Return

April 21, 2023

Want to do some spring cleaning and get rid of tax documents? You don’t want to clear out records that the IRS might request in an audit. Here are the general rules.

Person standing in between two arrows pointing in opposite directions

For Small Businesses: Retirement Savings Options (Keep It Simple)

April 18, 2023

If you’re a small business owner, you may be reluctant to set up a retirement plan because of the administrative burdens. Here are two options to consider that have far fewer requirements than traditional qualified retirement plans.

Parent of small business bakery hiring her daughter to work with her

For Small Businesses: Tax Pluses of Hiring Your Child This Summer

April 4, 2023

Thinking about hiring your high-school or college-age child to work in your business? You could reap significant tax benefits.

Alarm clock with the label "Tax Deadline"

Tax Advice: 2 Important Tax Deadlines Coming Up — Not Filing-Related

March 31, 2023

Of course, the deadline to file your 2022 tax return is in April. But here are a couple important tax deadlines in April for certain taxpayers.

For Small Businesses: 2023 Q2 Tax Calendar

March 30, 2023

Does this year’s April 18 filing deadline apply to your business? What additional tax deadlines are there for businesses and employers during the second quarter of 2023?

Tax Advice: Who Qualifies for "Head of Household" Filing Status?

March 30, 2023

You may pay less tax if you file your tax return as a “head of household” than if you file as a “single” individual. What’s the difference?

For Small Businesses: How About an S Corporation?

March 29, 2023

There are several choices of entities for a new business venture. What about an S corporation? Here are the advantages.

Tax Advice: The 2022 Gift Tax Return Deadline Is Coming Up

March 21, 2023

The income tax return deadline is April 18 this year. But it’s also the deadline for filing a gift tax return if you made large gifts last year. Find out if you’re required to file a 2022 gift tax return and why you may want to file one anyway.

For Small Businesses: Changes Make It Time to Review Your R&E Strategy

March 21, 2023

A tax law that passed in 2017 makes a major change to Section 174 research and experimental (R&E) expenses. Here’s what it might mean for your 2022 business tax return being filed this year.

Tax Advice: Claiming Losses on Depreciated or Worthless Stock

March 14, 2023

If you invest in the stock market, you’ve probably owned some losing shares. Here’s how to claim losses on your tax return for depreciated or worthless stock.

Multiple gears turning together, labeled "Marketing", "Advertising", and "Customer"

For Small Businesses: Protect Your Advertising Expenses

March 6, 2023

How does a business know if advertising and marketing expenses are “ordinary and necessary” so they can be deducted on its tax return? Here’s a look at the issue.

Gavel and sound block next to dollar sign

Tax Advice: On Money Awarded in a Lawsuit or Settlement

March 1, 2023

If you receive a personal injury settlement or award, do you have to pay tax on it? Here are the rules, along with court cases involving two taxpayers who had to pay tax on their settlements.

For Small Businesses: New Vehicle? Consider a Heavy SUV

March 1, 2023

Are you a business owner thinking about buying a vehicle to use in your enterprise? Here’s an option that may save you taxes this year.

For Small Businesses: You May Be Able to Deduct Office Expenses

February 23, 2023

If you’re a business owner who works from home, you may be able to save tax with home office deductions. Here are the rules to qualify.

Magnifying glass over words "2022 Taxes", next to words "IRA" and "SEP"

Tax Advice: Still Time to Make an IRA Contribution for Last Year?

February 22, 2023

If you want to help ensure your financial security in retirement, saving now is one of the best moves you can make. If you qualify, you still have time to contribute to an IRA or SEP and save on your 2022 tax return.

Gavel and sound block next to miniature sign saying "Tax Penalty"

Tax Advice: On Retirement Plan Early Withdrawals

February 17, 2023

Breaking into a retirement plan before age 59½ may result in a penalty tax. But there are exceptions. Here are the rules, along with what happened to one taxpayer who tried to avoid the penalty because he had diabetes.

Money bag and family of 4 icon balancing on a ball, signifying "Child Tax Credit"

Tax Advice: Changing Rules About the Child Tax Credit

February 15, 2023

If you’re a parent, you know that children are expensive. Fortunately, there’s a federal Child Tax Credit that may help you with the expenses. Here are the current rules.

Two different arrows converging in the middle, labeled "M&A" and "Tax"

For Small Businesses: Key Tax Issues in M&A Transactions

February 15, 2023

Pay attention to taxes if you’re buying or selling a business. After a transaction is complete, it may be too late to get the best tax results.

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