Vehicle, travel and meals expenses tax deductions are common for businesses. But if you don’t properly document these tax deductible travel expenses, you could find your deductions denied by the IRS. A Critical Requirement for Tax Deductible Travel Expenses Subject to various rules and limits, business meal (generally 50%), vehicle and business travel expenses may … Continue reading “Tax Deductible Travel Expenses for Business”
Month: July 2018
Close-Up on the New QBI Deduction’s Wage Limit
The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to non-corporate owners of pass-through entities. This is a deduction for a portion of qualified business income (QBI), also known as Section 199a. The deduction generally applies to income from sole proprietorships, partnerships, S corporations and, typically, limited liability companies (LLCs). It … Continue reading “Close-Up on the New QBI Deduction’s Wage Limit”
How to Avoid Getting Hit with Payroll Tax Penalties
For small businesses, managing payroll services can be one of the most arduous tasks. Adding to the burden earlier this year was adjusting income tax withholding based on the new tables issued by the IRS. (Those tables account for changes under the Tax Cuts and Jobs Act.) But it’s crucial not only to withhold the … Continue reading “How to Avoid Getting Hit with Payroll Tax Penalties”
Out of State Sales Tax Laws for Online Sales
You’ve probably heard about the recent U.S. Supreme Court decision allowing state and local governments to impose more out of state sales tax laws. The ruling in South Dakota v. Wayfair, Inc. is welcome news for brick-and-mortar retailers, who felt previous rulings gave an unfair advantage to their online competitors. And state and local governments are … Continue reading “Out of State Sales Tax Laws for Online Sales”