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CARES Act made changes to excess business losses
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The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to ...
Do you want to withdraw cash from your closely held corporation at a low tax cost?
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Owners of closely held corporations are often interested in easily withdrawing ...
HSA Limits for 2024: a guide to maximize your healthcare savings
Discover the benefits of Health Savings Accounts (HSAs) and how they can help you save on taxes while covering your medical expenses. Learn about the increased contribution limits for 2024 and maximize the potential rewards of this often-underutilized healthcare savings tool.
Deductible medical expenses: IRS guidance on nutrition, wellness, and health expense claims
Confused about which nutrition, wellness, and general health expenses may be considered medical expenses? The IRS has published a series of FAQs to help clarify this. In this article, we explore these FAQs and offer guidance on when and how certain expenses may be eligible for deductions.
Navigating trust taxation: strategies and insights
Trusts are an essential tool for estate planning, but their tax implications can be confusing. Understand the differences between revocable and irrevocable trusts, grantor and non-grantor trusts, and simple and complex non-grantor trusts to determine which trust is best for your unique financial situation and goals.
Reducing your risk of an IRS audit
Worried about getting audited by the IRS? Check out the statistics on IRS audits and tips to reduce your risk of being audited.
Help Ensure the IRS doesn’t Reclassify Independent Contractors as Employees
Many businesses use independent contractors to help keep their costs down. If youre 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.
Recordkeeping Dos and Don’ts for Business meal and Vehicle Expenses
If youre claiming deductions 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 fail to meet the strict substantiation requirements set forth under tax law.
The deductibility of corporate expenses covered by officers or shareholders
Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up being nondeductible both by an officer and the corporation unless proper steps are taken. This issue is more likely to arise in connection with a financially troubled corporation.
Possible tax consequences of guaranteeing a loan to your corporation
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 consequences. If your corporation defaults on the loan and you?re required to pay principal or interest under the guarantee agreement, you don?t want to be blindsided.
What tax records can you throw away?
At minimum, you should keep tax records for as long as the IRS has the ability to audit your tax return or assess additional taxes, which generally is three years after you file your return. However, the statute of limitations extends to six years for taxpayers who understate their adjusted gross income (AGI) by more than 25%.
Is an S corporation the best choice of entity for your business?
Are you thinking about launching a business with some partners and wondering what type of entity to form? An S corporation may be the most suitable form of business for your new venture. Here?s an explanation of the reasons why.
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