General Tax

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The lifetime estate and gift tax exclusion is increasing in 2023 to an all-time high, but set to be cut in half by 2026. Read more to learn about how you can best take advantage of this opportunity today and for an analysis of several different gifting options available to you.
Certain employers have the requirement of reporting employee health coverage. Do you know if your business has to comply, and if so, what must be done?
The IRS has released the 2023 retirement plan contribution limits.  Tax year 2023 will contain a significant increase in contribution limits for employees participating in a 401(k) plan.
Minimizing taxes is never easy.  But in times of legislative and economic uncertainty, it can be a real challenge.
As an employer, it is important to classify your workers as either employees or independent contractors correctly. Incorrectly classifying workers can have serious legal and financial consequences. Employees are entitled to certain rights and benefits under the law, including minimum wage and overtime pay. Independent contractors, on the other hand,
Here is the 2022 Q4 tax calendar with some key tax-related deadlines affecting businesses and other employers. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you.
The Inflation Reduction Act includes the Clean Vehicle Tax Credit program which provides tax credits for purchasing electric vehicles. Learn about the tax credits and limits on qualifications.
As your child begins to earn money from a job, it’s a great time to teach them about saving for the future. While a savings account is a great start, an even better opportunity is to open an IRA. With an IRA, your child can invest their hard-earned funds and
The Section 179 deduction for manufacturers provides a tax break when acquiring new equipment. It allows you to deduct this year the cost of qualifying new or used property you purchase. Your deduction can even exceed the amount you provided from your own funds to make the purchase.
These days, most businesses have websites. But surprisingly, the IRS hasn’t issued formal guidance on deducting website costs. Fortunately, established rules that generally apply to the deductibility of business costs provide business taxpayers launching a website with some guidance as to the proper treatment of the costs.
While most companies expense the cost of research and development activities, most fail to take advantage of the R&D tax credit. Learn how the tax credit works and what expenses qualify for it.
Manufacturers operating in more than one state may be subject to multi-state taxation. But with proper planning, you can potentially lower your company’s state tax liability.
Many businesses shut down due to the pandemic and the economy. However, tax obligations when going out of business need to be met. First, a business must file a final income tax return and other related forms for the year it closes its doors.
Quid pro quo donations occur when a not-for-profit receives a payment that includes a contribution and the organization provides the donor with goods or services valued at less than the contributor’s payment.
The next quarterly estimated tax payment deadline is September 15 for businesses so it’s a good time to review the rules for calculating corporate federal estimated payments.
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