General Tax

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Business Travel Deductions

If you and your employees are traveling for business, there are a number of things to consider to be able to claim business travel deductions. Under tax law, you must meet certain requirements for out-of-town business travel within the U.S.
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Meal and Vehicle Expenses

Business meal and vehicle expenses are a magnet for IRS review. If you claim deductions for them, it’s important to comply with the strict tax law substantiation requirements. Keep these DOs and DON’Ts in mind.
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2023 Q3 Tax Deadlines

Here are some of the key tax-related 2023 Q3 tax deadlines affecting businesses and employers. This list isn’t all-inclusive, so there may be additional deadlines that apply to you.
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Independent Contractors

These days, many businesses are filling vacant positions and saving money by using independent contractors. Here are the basic rules to help keep you out of trouble with the IRS.
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“Reasonable” Compensation

C corporation owners: To keep your compensation tax deductible, you need to ensure it’s “reasonable.” Otherwise, it could be deemed a dividend. Here are four steps to take.
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Hiring Your Child Can Help You Save Big in Taxes

VIDEO: Hiring your child for your business can lead to significant tax savings by shifting income, reducing taxes, and reducing FICA and FUTA obligations. However, it's crucial to follow employment laws and withhold appropriate taxes. Learn more about the benefits and rules for hiring your child.
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SECURE Act 2.0 – Individuals

The SECURE Act 2.0 was signed into law on December 29, 2022. It covers numerous changes to retirement provisions that affect individuals. The provisions are intended to increase retirement savings; facilitate access to retirement savings; and provide employees the opportunity to save more and longer for retirement, at a lower cost.
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SECURE Act 2.0 – Employers

The SECURE Act 2.0 was signed into law on December 29, 2022 and covers numerous changes to retirement provisions that affect employers and lower their cost of offering and funding retirement savings plans.
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2023 Q2 Tax Deadlines

Here are some of the key 2023 Q2 tax deadlines that apply to businesses and other employers during the second quarter of 2023.
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Advertising and Marketing Expenses

Under tax law, businesses can generally deduct advertising and marketing expenses that help keep existing customers and bring in new ones. However, the expenses must be “ordinary and necessary” to be deductible.
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Business Travel Expenses: Per Diem vs Actual Expenses

VIDEO: If your employees travel for work purposes, it’s important to understand the various methods of tracking and substantiating travel expenses so that you can maintain accurate records, control costs, and take advantage of potential tax benefits. Watch this video to learn the methods affect employees and employers.
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2023 IRS Dirty Dozen Tax Scams

VIDEO: The Internal Revenue Service published its 2023 IRS Dirty Dozen Tax Scams highlighting various schemes that put taxpayers and their financial well-being at risk. In this video, we'll provide an overview of five of the top scams on the list.
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Home Office Expenses

If you’re self-employed and run your business from home or perform certain functions there, you might be able to claim deductions for home office expenses against your business income.
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Heavy SUV Tax Break

If you’re buying or replacing a vehicle that you’ll use in your business, be aware that a heavy SUV may provide a more generous tax break this year than you’d get from a smaller vehicle. The reason has to do with how smaller business cars are depreciated for tax purposes.
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R&E Expense Amortization Got You Down?

VIDEO: Now that Research & Experimentation expenses must be amortized over several years, many companies are looking for ways to increase deductions and reduce taxable income. Here are three opportunities to potentially accelerate depreciation and reduce your tax liability.
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