Posts by jonas
2023 Last-Minute Year-End General Business Income Tax Deductions
2023 Last-Minute Year-End General Business Income Tax Deductions There’s nothing better than getting a tax refund from the IRS when tax season comes. Of course, there are many moving parts to tax filing that can make it tricky to ensure you’re getting all the money owed to you by the government. If you want to…
Read MoreProcessing New ERC Claims? What You Must Know About the IRS ERC Mess
The Employee Retention Credit (ERC) was an important tax credit available to specific employers. The program ended at the end of 2021, but employers can still claim it by filing an amended tax return. However, as of September 15, 2023, the IRS issued some important changes in its e-News for Tax Professionals publication. First, with…
Read MoreDepreciation: From Beginning to Middle to End
If you have assets in business or rentals, depreciation is an essential concept to understand. However, it can be confusing for those who aren’t tax experts because of all the vague language and IRS jargon. Understanding when depreciation starts, how it progresses, and when it ends can help improve your knowledge of this concept. This…
Read MoreCorporate Advances to the Owner: Loans, Dividends, or Salary?
Understanding the finances of owning a business is critical to your success, as well as your avoidance of serious issues with the IRS. Such is the case with corporate advances. These funds need to be well-documented and properly allocated in order to keep things running smoothly. There are a few different things to consider when…
Read MoreWhat Is the Kiddie Tax and How Can You Prevent It?
You might assume that if you have a child, they don’t need to file an income tax return. This isn’t entirely accurate. Even if the person is a minor, the kiddie tax could come into play. It was introduced as part of the Tax Reform of 1986 to keep wealthy people from transferring money to…
Read MoreDoes Your House Cleaner Factor into Your Home Office Deduction?
Does Your House Cleaner Factor into Your Home Office Deduction? If you’re reading this right now, you likely have an office in your home and you know it qualifies for a home office deduction. You probably also have someone who comes into your home to do the cleaning. This person likely takes care of the…
Read MoreWhat You Need to Know About 105-HRA Plans for Small and Solo-Owned Businesses
In the past, we’ve talked a lot about common questions related to health insurance. One of the things we’ve covered in detail is the 105-HRA plan. This article is going to delve deeper into some of the most important questions about health insurance. However, this time we’re going to focus on answering questions that are…
Read MoreTaxes and NFTs: Important Things to Understand
NFTs (non-fungible tokens) are digital assets that people buy, sell, and trade. Lots of people have lost money on NFTs, while some lucky individuals have made decent money from them. Anytime you gain or lose money, there are tax implications. This article will look at the connection between NFTs and taxes so you can be…
Read MoreA Family Member S Corporation Health Insurance Mistake You Need to Avoid
If you own an S corporation, you know you are required to follow certain rules and regulations. However, there can be some confusion over certain aspects. Below, we’ll be discussing one of the biggest mistakes that gets made time and again by those who aren’t aware. Let’s say you have an adult child who is…
Read More