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…
Read MoreAs 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…
Read MoreBelow are federal payroll tax rates and benefits contribution limits for 2022. Social Security tax In 2022, the Social Security tax rate is 6.2 percent for employers and employees, unchanged from 2021. The Social Security wage base is $147,000 for employers and employees, increasing from $142,800 in 2021. In 2022 self-employed people must pay 12.4…
Read MoreIf you discover money missing from your business, you may need a forensic accountant. Forensic accountants are qualified to investigate the source of missing money and determine whether you were robbed or taken advantage of financially. They’re the people you need when you need to find out where the money went. These experts can research…
Read MoreIn 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…
Read MoreTaxpayers who have to write big checks for higher education can see tax savings when filing tax returns next year. If you, your spouse, or your dependents are taking postsecondary coursework, there’s a strong chance a tax benefit may be in your future. The credits available are the American Opportunity Tax Credit (AOTC) and the…
Read MoreThe research and development tax credit is a tax incentive program. Also known as the research and experimentation tax credit, the research tax credit, or the R&D credit, the credit allows a company to recover a portion of their R&D costs through tax credits. Many incorrectly think the R&D credit only applies to companies that actually…
Read MoreWondering what your options are to reduce spending and increase income? Here are some tips: Organize your documents and communications. Receipts scattered? Can’t keep up with payments that are due? Missed payments result in late fees and interest charges, and all those do are increase the overall amount to be paid each month. You’ll be paying more…
Read MoreClosing your Arizona Limited Liability Company (LLC) can be a challenging and difficult task. You may be facing legal matters such as settling debt or protecting personal property and there will always be taxation issues to resolve. The choice to close a business is never easy, and you should gather resources and support as you…
Read MoreInternal fraud, also called occupational fraud, is defined as “the use of one’s occupation for personal enrichment through the deliberate misuse or misapplication of the organization’s resources or assets.” Simply stated, this type of fraud occurs when an employee, manager, or executive commits fraud against his or her employer. Stories of debilitating fraud cases surface every year. Small businesses…
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