Employees and self-employed taxpayers can use a standard mileage rate to compute their deduction related to using a vehicle for business rather than keeping track of the actual
As part of your estate planning strategy, you may have made significant gifts to your children, grandchildren or other heirs last year. Or perhaps you just wanted to
Simplified Employee Pensions (SEPs) are sometimes regarded as the “no-brainer” first choice for high-income small-business owners who don’t currently have tax-advantaged retirement plans set up for themselves. Why?
Incentive stock options (ISOs) allow you to buy company stock in the future at a fixed price equal to or greater than the stock’s fair market value on
Tax credits reduce tax liability dollar-for-dollar, making them particularly valuable. Two available credits are especially for small businesses that provide certain employee benefits. And one of them might
The Section 199 deduction is intended to encourage domestic manufacturing. In fact, it’s often referred to as the “manufacturers’ deduction.” But this potentially valuable tax break can be
Did you have a college student in your family last year? Were you a student yourself? If so, you may be eligible for some valuable tax breaks on
Investment interest — interest on debt used to buy assets held for investment, such as margin debt used to buy securities — is generally deductible for both regular
Bonus depreciation allows businesses to recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets. The PATH Act, signed into law a
The break allowing taxpayers to take an itemized deduction for state and local sales taxes in lieu of state and local income taxes was made “permanent” a little
Many businesses receive payment in advance for goods and services. Examples include magazine subscriptions, long-term supply contracts, organization memberships, computer software licenses, and gift cards. Generally, advance payments
If you’re like many Americans, you might not start thinking about filing your tax return until close to this year’s April 18 deadline. You might even want to
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