Olsen Thielen

When a parent enters a nursing home, taxes are probably the last thing on anyone’s mind. But it’s important to know that several nursing home tax breaks may be available to help offset some of the costs.

Business auto tax depreciation rules are complicated, and complex calculations are involved in claiming depreciation deductions for the business use of a passenger automobile. Special limitations apply to vehicles classified as a passenger auto (which could include many pickups and SUVs).

Businesses may be familiar with the rule that permits them to deduct employee bonuses this year if they pay them to employees within 2½ months after the end of the tax year. It’s an attractive year-end planning technique that lets a business enjoy a tax deduction this year while its

Every business owner should have an exit strategy that helps recoup the maximum amount for his or her investment. Understanding the tax implications of a business sale will help the owner plan for, and, in some cases, reduce, the tax impact.

In a recent announcement, the Social Security Administration stated that the wage base for computing Social Security tax will increase to $168,600 for 2024 (up from $160,200 for 2023).

The IRS recently announced the special “per diem” rates that became effective October 1, 2023. Here are the basics of these rates.