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document your business deductions

Documentation Is The Key To Business Expense Deductions

If your records are incomplete or missing and you get audited by the IRS, your business will likely lose out on valuable deductions. These two recent U.S. Tax

simple ira retirement accounts

Looking For a Retirement Plan For Your Business? Here’s One SIMPLE Option

Has your small business procrastinated in setting up a retirement plan? You might want to take a look at a SIMPLE IRA. SIMPLE stands for “savings incentive match

frequent-flyer-miles

Are Frequent Flyer Miles Ever Taxable?

If you recently redeemed frequent flyer miles to treat the family to a fun summer vacation or to take your spouse on a romantic getaway, you might assume

s-corp-salary

The IRS Can Reclassify S Corporation Distributions As Wages

If you run your business as an S corporation, you’re probably both a shareholder and an employee. As such, the corporation pays you a salary that reflects the

bunching-misc-deductions

Now’s The Time To Start Thinking About “Bunching” Miscellaneous Itemized Deductions

Many of the expenses that may qualify as miscellaneous itemized deductions are deductible only to the extent they exceed, in aggregate, 2% of your adjusted gross income (AGI).

independent-contractors-or-employees

Using Independent Contractors? Protect Your Business With These Tips

Many businesses use independent contractors as a way to keep payroll taxes to a minimum and reduce the cost of fringe benefits. But using outside workers may result

estimated income tax payments

What You Need To Know About Estimated Tax Payments

Paying the proper amount of tax by the annual federal income tax filing deadline isn’t enough to avoid interest and penalties; you must also meet requirements for paying

combining-business-and-vacation-travel

Combining Business and Vacation Travel: What Can You Deduct?

If you go on a business trip within the United States and tack on some vacation days, you can deduct some of your expenses. But exactly what can

tax-smart-giving

3 Strategies For Tax-smart Giving

Giving away assets during your life will help reduce the size of your taxable estate, which is beneficial if you have a large estate that could be subject

Accelerate-depreciation-deductions

Accelerate Depreciation Deductions With A Cost Segregation Study

Business owners could see substantial tax savings faster by conducting cost segregation studies. These studies identify property components and their costs, allowing you to maximize current depreciation deductions

charitable-IRA-rollover-

Should You Make A “Charitable IRA Rollover” In 2016?

Last year a break valued by many charitable retirees was made permanent: the charitable IRA rollover. If you’re age 70½ or older, you can make direct contributions (

mutual fund tax hazards

3 Mutual Fund Tax Hazards To Watch Out For

Investing in mutual funds is an easy way to diversify a portfolio. This is one reason why they’re commonly found in retirement plans such as IRAs and 401(k)s.

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