Help ensure the IRS doesn’t reclassify independent contractors as employees 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…
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Recordkeeping DOs and DON’Ts for business meal and vehicle expenses If you’re 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…
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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…
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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…
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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…
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If you run a business from home, you could qualify for home office deductions If you’re self-employed and run your business from your home or perform certain functions there, you might be able to claim deductions for home office expenses…
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What are the tax implications of buying or selling a business? If you are considering buying or selling another business, it’s important to understand the tax implications. Under current tax law, a transaction can basically be structured in two ways:…
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The cents-per-mile rate for business miles decreases again for 2021 This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-and-one-half cents, to 56 cents per mile. As a…
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Drive more savings to your business with the heavy SUV tax break Are you considering replacing a car that you’re using in your business? There are several tax implications to keep in mind. A cap on deductions Cars are subject…
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Small businesses: Cash in on depreciation tax savers As we approach the end of the year, it’s a good time to think about whether your business needs to buy business equipment and other depreciable property. If so, you may benefit…
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