News

Card showing words "Health Savings Account" next to stethoscope

For Small Businesses: Inflation Enhanced the '23 Amounts for HSAs

May 16, 2022

If your business provides Health Savings Accounts to employees, you know they have many benefits. Here are a few of them, along with the inflation-adjusted amounts for 2023. Hint: They’re going up more than they have in recent years due to high inflation.

Tax Advice: Valuable Gifts to Charity May Require Appraisal

May 16, 2022

There are certain requirements if you donate valuable assets to charity. The penalty for failing to follow the rules is generally denial of the charitable deduction. Here are the requirements for obtaining an appraisal.

Graphic of laptop with checklist popping out and magnifying glass hovering over it

For Small Businesses: What to Know About the IRS' Recent 1099 Notices

May 3, 2022

If your business has independent contractors or makes other payments to customers or others, you probably file 1099 forms with the IRS. The tax agency is currently sending out notices about these forms to some taxpayers.

Tax Advice: Want to Turn a Hobby into a Business?

April 26, 2022

Coin collecting, photography, painting, writing, horse breeding and crafts are just some of the hobbies that taxpayers turn into businesses. Can they deduct the losses they incur on their tax returns?

Infographic: The Cost of Buying/Improving Your Home & Taxes

April 25, 2022

When you sell a principal residence that has appreciated in value, you generally can exclude $250,000 ($500,000 for married couples) of the gain from tax. But many homes sell at a much higher profit, which is why you should keep track of your "basis."

Tax Advice: On Converting Your Home into a Rental

April 25, 2022

It’s home selling (and buying) season. What are the tax consequences if you buy another home but decide to keep your current home and rent it out?

Tax Advice: What to Do After Filing Your Tax Return

April 25, 2022

If your 2021 tax return has been filed by tax day, there still may be some issues to consider. Many people have questions about how to find their refund status, which records can be thrown out and when to file amended tax returns.

Business partners meeting in front of large windows showing city skyline

For Small Businesses: Consider This When Adding a New Partner

April 25, 2022

If you’re looking for a new partner to add to your partnership, you may think the hard part is over once you find the right person. But there may be tax challenges ahead.

Gold chain links with word "TAX" engraved

For Small Businesses: On Converting From a C Corp to an S Corp

April 14, 2022

If your business operates as a C corporation, you may save tax by becoming an S corporation. Here’s a rundown of four issues to consider when converting from C corporation to S corporation status.

Tax Advice: On the Tax Implications of Selling Mutual Fund Shares

April 5, 2022

Selling mutual fund shares involves many complex factors. Here are the basic rules.

Two people having business lunch while discussing matters using tablet

For Small Businesses: Fully Deduct Business Meals This Year

April 4, 2022

Wining and dining customers and employees can result in tax deductions and for 2022, the write-offs are bigger than usual.

Tax Advice: If You're Not Ready, FIle for an Extension

March 29, 2022

If you can’t file by the April 18 tax deadline, here’s what you should do to avoid steep penalties.

Quarter 2 calendar for 2022 showing April, May, June

For Small Businesses: Q2 Tax Calendar

March 28, 2022

Does this year’s April 18 filing deadline apply to your company? What additional tax deadlines are there for businesses and employers during the second quarter of 2022?

Manager sitting down with employee to promote employee retention

Infographic: A Tip for Retaining Employees

March 25, 2022

Though the labor market has stabilized since 2021's "Great Resignation," some businesses continue to lose employees and struggle to replace them. You might try to stem this issue by conducting "stay interviews."

Tax Advice: The Rules of Renting Out a Vacation Property

March 25, 2022

A vacation home is more than just a place to relax. It also may provide tax breaks. Here are the rules if you rent it out for part of the year.

Hand drawing white up arrow and yellow down arrow in chalk with words "Accelerate, defer" at bottom

For Small Businesses: Ways to Accelerate Taxable Income & Defer Deductions

March 21, 2022

The best tax planning actions for your business partially depend on whether you expect federal income tax rates to go up, go down or stay the same in the future. Here are some ideas if you think rates could go up.

Tax Advice: Inheriting? Be Aware of "Income in Respect of a Decedent"

March 15, 2022

For the most part, property you inherit isn’t included in your income for tax purposes. However, certain items may have to be included in your income, although you may also be entitled to a deduction on account of them.

Person working on retirement planning in notebook

For Small Businesses: Establish a Tax-Favored Retirement Plan

March 15, 2022

If you’re a business owner, setting up a retirement plan is easier than you may think. And there’s still time to establish most types of plans for LAST year.

Tax Advice: Lost Your Job? Mind Termination Tax Implications

March 15, 2022

Most people don’t think about taxes if they lose their jobs but there can be tax implications to a layoff or termination. Here are some of the issues that may occur.

Business associates discussing tax planning strategies related to bartering

For Small Businesses: Does Your Business Barter? Things to Know

March 8, 2022

Bartering is the oldest form of trade and the internet has made it easier to engage with other businesses. It’s especially popular during tough economic times. But if you trade goods or services, be aware of the tax consequences.

Tax Advice: Still Time to Cut My Tax Bill With an IRA?

March 8, 2022

To help ensure financial security in retirement, saving now on a tax-favored basis is a smart move. And if you qualify, you still have time to contribute to an IRA or SEP and save on your 2021 tax return.

Person working on research on laptop that could qualify for research tax credit

For Small Businesses: On Applying the Research Tax Credit Against Payroll Taxes

February 28, 2022

Does your startup business have little or no income tax liability? You may be eligible for a payroll tax credit election for increasing research activities.

Infographic: Why Your Company Needs an Expense Reimbursement Policy

February 28, 2022

Tax Advice: Ready for the '21 Gift Tax Return Deadline?

February 25, 2022

April 18 isn’t only the income tax return deadline. It’s also the gift tax return deadline for people who made large gifts last year. Find out if you’re required to file a 2021 gift tax return this April. (Note: you may want to file one anyway).

Spouse traveling with businessman for business trip

For Small Businesses: Can You Deduct Spouse Costs on a Trip?

February 25, 2022

If you own your own business, the rules for deducting a spouse’s travel costs are very restrictive. Here are the rules.

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