If you have a tax-saving flexible spending account (FSA) with your employer to help pay for health or dependent care expenses, there’s an important date coming up. You may have to use the money in the account by year-end or…
The IRS recently announced various inflation-adjusted federal income tax amounts. Here’s a rundown of the amounts that are most likely to affect small businesses and their owners. Rates and brackets If you run your business as a sole proprietorship or…
If you’re facing a serious cash shortfall, one possible solution is to take an early withdrawal from your traditional IRA. That means one before you’ve reached age 59½. For this purpose, traditional IRAs include simplified employee pension (SEP-IRA) and SIMPLE-IRA…
The IRS has expanded the electronic filing requirement for tax and information returns starting with the 2023 tax year. Regulations finalized on February 23, 2023, stipulate that almost all returns filed on or after January 1, 2024, must be submitted…
Restricted stock awards are a popular way for companies to offer equity-oriented executive compensation. Some businesses offer them instead of stock option awards. The reason: Options can lose most or all of their value if the price of the underlying…
Perhaps you’ve been in this situation before: You have a financial emergency and need to get your hands on some cash. You consider taking money out of a traditional IRA or 401(k) account but if you’re under age 59½, such…
You probably fall into one of two categories: You don’t know or care about Form 1099-K reporting (even though it might apply to you); or You’ve been stressing about how you’re going to comply with the Form 1099-K reporting requirements…
If you’re planning to start a business or thinking about changing your business entity, you need to determine what will work best for you. Should you operate as a sole-proprietorship, a C corporation, or a pass-through entity such as a partnership,…
Do you use an automobile in your trade or business? If so, you may question 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…
With the rising cost of college, many families are in search of scholarships to help pay the bills. If your child is awarded a scholarship, you may wonder about how it could affect your family’s taxes. Good news: Scholarships (and…
