If you own your own company and travel for business, you may wonder whether you can deduct the costs of having your spouse accompany you on a business trip. The rules for deducting a spouse’s travel costs are very restrictive. First of all, to qualify, your spouse must be your employee. This means you can’t … Continue reading “Can You Deduct The Costs Of A Spouse On A Business Trip?”
Month: February 2022
Should Your Business Address Retirement Plan Leakage?
Under just about any circumstances, the word “leakage” has negative connotations. And so it follows that this indeed holds true for retirement planning as well. In this context, leakage refers to early, pre-retirement withdrawals from an account. Now, as a business owner who sponsors a qualified retirement plan, you might say, “Well, that’s my participants’ … Continue reading “Should Your Business Address Retirement Plan Leakage?”
Making Withdrawals From Your Closely Held Corporation That Aren’t Taxed As Dividends
Do you want to withdraw cash from your closely held corporation at a minimum tax cost? The simplest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient since it’s taxable to you to the extent of your corporation’s “earnings and profits.” It’s also not deductible by the corporation. Five Alternatives … Continue reading “Making Withdrawals From Your Closely Held Corporation That Aren’t Taxed As Dividends”
Prudent Technology Upgrades Call For Some Soul Searching
By now, most business owners view technology upgrades as inevitable. Whether hardware or software, the tech your company relies on to operate will need to change slightly or even drastically for you to stay competitive. Strange as it may sound, technology upgrades demand a bit of soul searching. That is, before spending the money, you … Continue reading “Prudent Technology Upgrades Call For Some Soul Searching”
Important Tax Aspects Of Operating Your Business As A Sole Proprietor
If you’re in business for yourself as a sole proprietor, or you’re planning to start a business, you need to know about the tax aspects of your venture. Here are eight important issues and tax rules for sole proprietors to consider: 1. You report income and expenses on Schedule C of Form 1040 The net … Continue reading “Important Tax Aspects Of Operating Your Business As A Sole Proprietor”
2022 Deadlines for Reporting Health Care Coverage Information
Ever since the Affordable Care Act was signed into law, business owners have had to keep a close eye on how many employees they’ve had on the payroll. This is because a company with 50 or more full-time employees or full-time equivalents on average during the previous year is considered an applicable large employer (ALE) … Continue reading “2022 Deadlines for Reporting Health Care Coverage Information”
Keeping Meticulous Records Is The Key To Tax Deductions & Painless IRS Audits
Are you operate a business, or considering starting a new one? If so, know that detailed business recordkeeping of your income and expenses in necessary. Specifically, you should carefully record your expenses in order to claim all of the tax deductions. And you want to make sure you can defend the amounts reported on your … Continue reading “Keeping Meticulous Records Is The Key To Tax Deductions & Painless IRS Audits”
Entrepreneurs and Taxes: How Expenses Are Claimed On Tax Returns
While some businesses have closed since the start of the COVID-19 crisis, many new ventures have launched. Entrepreneurs have cited a number of reasons why they decided to start a new business in the midst of a pandemic. For example, they had more time, wanted to take advantage of new opportunities or they needed money … Continue reading “Entrepreneurs and Taxes: How Expenses Are Claimed On Tax Returns”