If you’re one of the many people working from home this year, you may have questions about the home office tax deduction and whether you can qualify for it. Here’s a rundown of the rules. Employees Unfortunately, home office expenses incurred while working as an employee are not currently deductible. The reason: the Tax Cuts […]
Business Tax
6 Ways Income Taxes Will Be Different in 2021
Every year brings some degree of change regarding filing income taxes. While 2020 taxes are a done deal, it’s never too early to begin thinking about the next tax year. To help you be prepared for next year’s filing, here are 6 Ways Income Taxes Will Be Different for 2021. Standard Deduction Increase Standard deductions […]
What’s Taxable to an S Corporation Shareholder?
S corporation shareholders have an added reason to worry about their company’s annual performance: It has a direct impact on their own income taxes. How It Works Unlike a regular C corporation, an S corporation usually doesn’t pay federal income taxes itself. Instead, each shareholder is allocated a portion of the corporate income, loss, deductions, […]
Do you need more 2020 tax deductions?
Wow, how time flies. Yes, December 31 is just around the corner. That’s your last day to find tax deductions available from your existing business and personal (yes, personal) vehicles that you can use to cut your 2020 taxes. But don’t wait. Get on this now! Do you need a replacement business vehicle? If […]
Payroll Taxes: Who’s Responsible?
Any business with employees must withhold money from its employees’ paychecks for income and employment taxes, including Social Security and Medicare taxes (known as Federal Insurance Contributions Act taxes, or FICA), and forward that money to the government. A business that knowingly or unknowingly fails to remit these withheld taxes in a timely manner will […]
General Overview of Business Deductions
General Overview of Business Deductions Business expenses are the cost of carrying on a trade or business, and there may be some tax breaks there. But a lot has changed in recent months, and the rules can be complicated. Are there business deductions you can take advantage of? Yes, but first you have to […]