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Many small business owners hire friends and family or have employees who have been with them for years. They may also have vendors they have become close with and do business with regularly. It is easy for small business owners to become lax in their oversight as they trust their employees and other close business…
Read MoreThe Internal Revenue Service is warning employers to be wary of third parties who are advising them to claim the Employee Retention Credit (ERC) when they may not qualify. Some of these third parties are taking improper positions related to taxpayer eligibility for and computation of the credit. The IRS wrote: “These third parties often…
Read MoreThe federal government’s Employee Retention Credit (ERC) proved to be a lifeline for many businesses and their employees affected by the COVID pandemic. The eligibility rules were complex and changed over time, as noted in an extensive IRS chart. Not all business owners may have been able to figure out whether they were eligible; however, the…
Read MoreI Bonds: Protecting Your Portfolio from Inflation
With a rising inflationary environment—the highest in four decades—investors are seeking shelter in low-risk investments to protect their portfolios. As a result, there has been record demand for I Bonds, a nearly risk-free diversification strategy to hedge against market volatility. What are I Bonds? I Bonds are savings bonds issued by the US Treasury. These…
Business owners need to be aware of the Employee Retention Credit
Business owners need to be aware of the Employee Retention Credit. It can be very lucrative if you qualify. This video provides an overview.
Home Office Deductions: More Complex Than They Seem
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…
The Inflation Reduction Act: What Does It Contain?
On August 12, Congress passed the Inflation Reduction Act, over 700 pages of economic changes. What does the Act do? And just as important, what does it not do? To start with the name, the Act’s proponents say the new law will fight inflation with deficit reductions-which makes many people ask, “Will my taxes increase?” The good…
Intra-Family Loans: Transferring Wealth to Finance Future Generations
Over the past couple of years, the economy has been pulled in all directions. The effects have been seen through record-high home prices, higher interest rates, and inflation. While federal efforts are being made to calm the waters, these economic ripples are chipping away at the ability to enter-and stay in-the housing market. Intra-Family Loan…
Depositing and Reporting Employment Taxes
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…
Claiming a Child as a Dependent When Parents are Divorced, Separated, or Live Apart
The IRS has very specific rules about who may claim the child tax for tax purposes in situations where parents are divorced, separated, never married, or live apart and who share custody of a child with an ex-spouse or ex-partner. To avoid processing delays or costly tax errors, it is vital that taxpayers in these…