If you have a tax-saving flexible spending account (FSA) with your employer to help pay for health or dependent care expenses, there’s an important date coming up. You may have to use the money in the account by year-end or you’ll lose it (unless your employer has a...
In the midst of busy holiday season, don’t forget to consider taking steps to cut the 2023 tax liability for your business. You still have time to take advantage of a few opportunities. Time deductions and income If your business operates on a cash basis, you can...
The IRS recently announced various 2024 inflation-adjusted federal tax amounts affecting individual taxpayers. Most of the federal income tax rate bracket thresholds are about 5.4% higher than for 2023. This means you can generally have about 5.4% more income next...
The IRS recently announced various inflation-adjusted federal income tax amounts. Here’s a rundown of the amounts most likely to affect small businesses and their owners. Rates and brackets If you run your business as a sole proprietorship or pass-through business...
If you’re facing a serious cash shortfall, one possible solution is to take an early withdrawal from your traditional IRA. That means one before you’ve reached age 59½. For this purpose, traditional IRAs include simplified employee pension (SEP-IRA) and SIMPLE-IRA...
Is your business depreciating the entire cost of constructing the building that houses your enterprise over 30 years? If so, you should consider a cost segregation study. It may allow you to accelerate depreciation deductions on certain items, thereby reducing taxes...