If you’re claiming deductions or reimbursing employees for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they…
Your business is probably set up as a Limited Liability Company (LLC), a sub chapter S-Corporation, or both. But what’s the difference, and under what circumstances would it make sense to change your LLC into an S-Corp? An LLC is…
If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, spend time with you, save for college and learn how to manage money.…
Bad actors are improving the methods they use to get their hands on your data. In addition to that, what would you do if a natural disaster destroyed your servers? Here are four things you can do today to protect…
Disruptive events like a natural disaster or a pandemic can happen at any time. Maintaining timely, relevant and clear communication with your team throughout the event is vital and is an important component of any disaster recovery plan. Gathering employee…
Something you don’t ever want to say is “I wish we were more prepared”, especially when it comes to your business. Keeping an up-to-date disaster recovery plan can be the key to a fast and successful rebound. Here are some…
The IRS recently released guidance providing the 2022 inflation-adjusted amounts for Health Savings Accounts (HSAs). Fundamentals of HSAs An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.”…
The 2021 advance child tax credit (CTC) payments, which were established under a recent law, will begin being made on July 15, 2021, the IRS announced. The tax agency also stated that "roughly 39 million households — covering 88% of…
Many businesses use independent contractors to help keep their costs down. If you’re among them, make sure that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be a costly error.…
If your business is organized as a sole proprietorship or as a wholly-owned limited liability company (LLC), you’re subject to both income tax and self-employment tax. There may be a way to cut your tax bill by conducting business as…