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Booth Renter or Employee? How Texas Salon Owners Should Classify Stylists

Texas dropped its booth rental license, but salon owners still have to decide if stylists are booth renters or employees. Here's what each option means for you.

Keep These DOs and DON’Ts in Mind When Deducting Business Meal and Vehicle Expenses

If you’re claiming deductions for business meals or auto expenses, expect them to be reviewed closely by the IRS. In some cases, taxpayers have incomplete documentation or try

Being a Gig Worker Comes with Tax Consequences

In recent years, more and more workers have become engaged in the “gig” economy. You may think of gig workers as those who deliver take-out restaurant meals, walk

The IRS Has Just Announced 2024 Amounts for Health Savings Accounts

The IRS recently released guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA fundamentals An HSA is a trust created or organized exclusively for paying

4 Tax Challenges You May Encounter if You’re Retiring Soon

Are you getting ready to retire? If so, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown

If You’re Hiring Independent Contractors, Make Sure They’re Properly Handled

Many businesses use independent contractors to help keep their costs down — especially in these times of staff shortages and inflationary pressures. If you’re among them, be sure

Questions You May Still Have After Filing Your Tax Return

If you’ve successfully filed your 2022 tax return, you may think you’re done with taxes for another year. But some questions may still crop up about the return.

Use the Tax Code to Make Business Losses Less Painful

Losses can happen whether you’re operating a new company or an established business. The federal tax code may help soften the blow by allowing businesses to apply losses

The IRS Clarifies What Counts as Qualified Medical Expenses

If you itemize deductions on your tax return, you may wonder: What medical expenses can I include? The IRS recently issued some frequently asked questions addressing when certain

Education Benefits Help Attract, Retain and Motivate Your Employees

One popular fringe benefit is an education assistance program allowing employees to continue learning and perhaps earn a degree with financial assistance from their employers. One way to

Tax News for Investors and Users of Cryptocurrency

If you’re a crypto investor or user, you may have noticed something new on your tax return this year. And you may soon notice a new form reporting

4 Ways Corporate Business Owners Can Help Ensure Their Compensation is “Reasonable”

If you’re the owner of an incorporated business, you know there’s a tax advantage to taking money out of a C corporation as compensation rather than dividends. This

Take Advantage of the Rehabilitation Tax Credit When Altering or Adding to Business Space

If your business needs to increase the space it occupies or move from that space in the future, you should keep the rehabilitation tax credit in mind. This