The federal income tax rules for depreciating vehicles used for business are complicated. And different rules apply to different categories of vehicles. Special limitations apply to vehicles that are classified as passenger autos, including many pickups and SUVs. As a…
With Thanksgiving just around the corner, the holiday season will soon be here. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties again after…
The Social Security Administration recently announced some changes to benefits and taxes for 2022. First, the wage base for computing Social Security tax will increase from $142,800 to $147,000. Also, the cost-of-living adjustment (COLA) is getting a rather substantial bump…
When you take withdrawals from your traditional IRA, you probably understand they're taxable. But what does that really mean? Important: Once you reach a certain age, you must start taking required minimum distributions (RMDs) from your traditional IRAs or you…
It may seem premature, but it’s never too early to start tax planning for small businesses. Here are three tax breaks to consider. 1. Claim bonus depreciation or a Section 179 deduction for newly purchased assets Current tax law allows…
If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles classified as passenger autos (which include many pickups and SUVs)…
Taxpayers and tax preparers alike have become increasingly frustrated with the speed at which the Internal Revenue Service has been processing tax returns. This backlog has been caused by a number of factors, the latest of which is discussed in…
Roth IRA and 401(k) accounts were created in 1998. Contributions to Roth accounts are taxed on the front end at ordinary tax rates when made. But withdrawals from these accounts are generally tax-free on the back end. If you began saving for your retirement…
If you’re a business owner and you’re getting a divorce, tax issues can complicate matters. Your business ownership interest is one of your biggest personal assets and in many cases, your marital property will include all or part of it.…
What if you decide to, or are asked to, guarantee a loan to your corporation? Before agreeing to act as a guarantor, endorser or indemnitor of a debt obligation of your closely held corporation, be aware of the possible tax…