“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. The scams may come in through email, text messages,
If you own an unincorporated small business, you probably don’t like the size of your self-employment (SE) tax bills. No wonder! For 2023, the SE tax is imposed
Government officials saw a large increase in the number of new businesses launched during the COVID-19 pandemic. And the U.S. Census Bureau reports business applications are still increasing
The IRS recently released its audit statistics for the 2022 fiscal year and fewer taxpayers had their returns examined compared to prior years. But even though a small
If you own or manage a business with employees, there’s a harsh tax penalty you could be at risk for paying personally. The Trust Fund Recovery Penalty (TFRP)
When one spouse in a married couple is not earning compensation, the couple may not be able to save as much for a comfortable retirement. In general, an
Your business may be able to claim big first-year depreciation tax deductions for eligible real estate expenditures rather than depreciate them over several years. But should you? It’s
If you’re taking a deduction on your vehicle, either for actual expenses or mileage, you’ll want to make sure your deduction is “audit proof”. To do this you
If you’re age 65 or older and have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. The premiums
High-income taxpayers face a regular income tax rate of 35% or 37%. And they may also have to pay a 3.8% net investment income tax (NIIT) in addition
If you and your employees are traveling for business this summer, there are a number of considerations you should keep in mind. Under tax law, in order to
You may think you don’t need to make any estate planning moves because of the generous federal estate tax exemption of $12.92 million for 2023 (effectively $25.84 million
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