Business Tax

It can be challenging to determine allowable deductions for a home office. Following is a summary of key IRS provisions. Internal Revenue Code Section 280A IRC Section 280A includes the rules for home office deductions. A freelancer who works from home, for instance, must pass three tests in order to claim home office deductions: The…

As an employer, you are required to uphold the responsibility of payroll taxes. As such, you must also ensure that you understand what the rules are, especially due to how complex they are. First and foremost, start  by ensuring you are aware of these three types of taxes, which you will need to send to…

IRS Form 941 is a tax form that businesses file quarterly. It is how businesses report employee income taxes, Social Security, and Medicare taxes that the business withheld from employee paychecks over the previous quarter, and the matching employer taxes. Filing deadlines are the last day of January, April, July, and October of any given…

If you own a small business and “exclusively and regularly” use part of your home as your primary place of doing business, you may be able to deduct some of the expenses of operating your home office on your federal income tax return. Unfortunately, employees are not eligible to claim the home office deduction to the…

As the unemployment rate falls from its 2020 high, employees are switching jobs in record numbers. The new stability in the economy means workers have more leeway to shop around for jobs that fit their lifestyles, needs, and values. Now, the onus is on employers to provide an environment that makes their star team members…

The IRS has issued the 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2022, the standard mileage rates for the use of a car (also vans, pickups, or panel trucks) will be: 58.5 cents per mile driven…

The IRS has issued guidance for employers regarding the retroactive termination of the Employee Retention Credit. The Employee Retention Credit now applies only to wages paid before October 1, 2021, unless the employer is a recovery startup business. This guidance can be found in Notice 2021-65. It applies to employers that paid wages after September 30,…

In very simple terms, a like-kind exchange is a tax-deferred transaction that allows one asset to be swapped with another, similar asset without generating a capital gains tax liability from the sale of the first asset. Prior to the Tax Cuts and Jobs Act of 2017 (TCJA), the IRS permitted the exchange of certain personal…