How often do you drive to meet a client or your accountant? Do you frequently make bank runs for your business? Depending on your business use of vehicle, you may qualify for a nice-sized tax deduction. So, do you qualify for the business mileage deduction? What about the Section 179 deduction? If so, how much? […]
Archives for December 2023
9 Self-employment Tax Deductions You Should Be Taking
If you are self-employed, you might be overwhelmed by the expenses you have, including your self-employment tax liabilities. However, you can claim self-employment tax deductions to reduce the amount you owe in taxes. See how you can take advantage of self-employed tax relief below. Who is self-employed? You are self-employed if your business is unincorporated. […]
Information-reporting penalty safe harbor finalized
The IRS issued regulations on Monday providing a de minimis safe harbor from information-reporting penalties, finalizing proposed regulations issued in 2018.
Business Mileage Deduction 101
Miles spent driving to meet clients, going to an office supply store, and depositing a customer’s check at the bank can add up. If you use a vehicle for small business purposes, you might qualify for a business mileage deduction from the IRS. You might be thinking that a business mileage deduction is only going […]
Interim guidance provided for the corporate alternative minimum tax
The IRS issued a notice on regarding the application of the corporate alternative minimum tax to shareholders of CFCs and to affiliated groups of corporations filing consolidated returns.
Business standard mileage rate increases for 2024
The optional standard mileage rate for business use of a vehicle increased slightly from 2023. The new rate is effective Jan. 1.
Public holidays & payroll
The trees are up, the presents are wrapped, the food prep is underway, and many of us are in a downward roll towards the holidays. With a number of public holidays coming up, it’s important to be across the rules around public holidays and payroll. Here’s what you need to know. Public holidays When public […]
Five tech trends for small businesses in 2024
In the early 2000s, accessing the internet was through a dial-up connection which could take anywhere from 30 seconds to a couple of minutes to establish a connection. In 2023, generative AI tools can generate poems, short stories and complex legal and medical documents in a matter of seconds. The pace of technological change is […]
Beneficial Ownership Information Reporting Is Required in 2024 for LLCs, Corps, More
A new rule, known as company beneficial ownership information reporting, takes effect on January 1, 2024, and small business owners are not exempt. Depending on your business structure, you must report beneficial ownership information (BOI)—aka who owns and controls your company—to the U.S. government. If you fail to comply, you could face hefty penalties and […]
Economic trends to help your business plan for 2024
The past year has been a bumpy ride for many. Most owners have been focused on maintaining cash flow, as they deal with the combination of rising costs and a limited capacity to lift their prices as customers become increasingly scarce. As 2024 approaches, it’s a good time for small business owners to think about […]