News

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.

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.

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.

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

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

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

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.

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.

You may have heard about proposals to end taxes on tips. If you’re a business with employees who receive tips, how should you proceed?

The price of gas is slightly higher than it was a year ago. How does this affect the amount you can deduct for business driving in 2025? Here’s the latest on the cents-per-mile rate for this year.

Small business owners can potentially claim large first-year depreciation deductions for heavy vehicles and home office deductions. The combination can result in major tax savings. Here’s how.

Achieving the best tax treatment for Sec. 1231 gains and losses can be a challenge. Here’s how to help plan the timing of gains and losses for optimal tax results.

Discover the key benefits and potential pitfalls of operating your business as a C corporation.

With unemployment low, many small businesses need more employees. The Work Opportunity Tax Credit can help if you hire from certain targeted groups.

Properly managing the tax treatment of intangible assets is vital for businesses to maximize tax benefits and ensure compliance with tax regulations.

The average price of gas is down more than 20 cents per gallon from a year ago. That may affect the tax deductions for local transportation costs that your business can claim for 2024. Here’s what you can write off.

If your business is having a holiday party this year, how much of the cost of food and beverages is tax deductible? What if you’re going on a business trip? We've got answers.

You’re probably familiar with the self-employment tax if you own a business. Here’s a refresher on how it works, how it will increase and whether there’s anything you can do to reduce it.

If you’re a small business owner, you want to take full advantage of the tax deductions allowed for business travel. They can reduce your taxable income. Safe travels and happy deducting!

A solo 401(k) plan is a powerful retirement savings tool if you run a one-person small business. Here’s how you can help save for a golden future and reap tax advantages.

The tax-advantaged retirement plan contribution amounts will increase less next year than in previous years due to easing inflation. However, many will still go up slightly. Find out how much you can contribute to 401(k)s, SEP plans, IRAs and more.