Many entrepreneurs start their businesses as sole proprietors. It’s an easy way to dip your toe in the water of being self-employed, but it’s important to meet your tax obligations. Here are some things to be aware of: Schedule C.…
The uncertainty of the past couple of years have caused many people to rethink their job situation. Some people have decided to quit working for someone else and have launched a new business, even in the midst of a pandemic.…
Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022. Here's a rundown of those that may be important to you and your business. Social Security tax The amount of…
Business travel has substantially decreased over the past couple of years due to the pandemic, but from time to time, employees still need to travel for work-related reasons. Maybe it’s driving between different employer-owned locations within a workday, or maybe…
It’s not new news that the pandemic has been tough on restaurants. If you own a business where tipping is customary for providing food or beverages, you may be able to offset some of your income tax liability by claiming…
With recent skyrocketing real estate prices, it’s tempting to consider selling your appreciated commercial or investment property. But do you want the resulting high tax bill that comes with that increased profit? A like-kind exchange can be a solution. Under…
If you’re sending your child off to college, you’re looking for any way you can save money. When your child qualifies for a scholarship, it’s a cause for celebration! Just be aware of the possible tax ramifications so you don’t…
In today’s tight labor market, it’s hard to remember that the federal minimum wage remains at $7.25 per hour, where it’s been since 2009. Hardly any employers are able to attract and retain employees at that rate, and 30 states…
The IRS has announced that the 2022 mileage rate for operating an automobile for business will be 58.5 cents per mile, up from 56 cents per mile in 2021. The business mileage rate is used when an employee drives their…
The Alternative Minimum Tax (AMT) is a separate income tax that can apply to high income individuals. Nobody wants to pay more tax than necessary, so it’s common for people to take advantage of various tax benefits that reduce their…
