Innovative Strategies For Tax Controversies, Business Structuring And Estate Planning
Taking your spouse along on a business trip is a way to combine work with pleasure. However, while your own necessary expenses are generally tax-deductible, this is not necessarily the case for the costs associated with having your spouse travel with you. The travel expenses for your spouse are only deductible if they meet strict IRS criteria. In many cases, the deduction may be limited or not permitted at all.
What types of expenses can’t be written off by your business? Suppose you read the Internal Revenue Code (and you probably don’t want to!). In that case, you may be surprised that most business deductions aren’t specifically listed. For example, the tax law doesn’t...
Taking the opposite approach: Ways your business can accelerate taxable income and defer deductions Typically, businesses want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it prudent to do the...
Can you deduct the costs of a spouse on a business trip? 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 trips. The rules for deducting a spouse’s travel costs are very...
The use of a company car is a valuable fringe benefit for business owners and key employees. This perk results in tax deductions for the employer and tax breaks for the owners and employees using the cars. (And of course, they get the nontax benefit of getting a company car.) For tax deduction purposes, a business will treat the car much the same way it would any other business asset. Providing an auto for an owner or key employee comes with complications and paperwork. Personal use will have to be tracked and valued under the fringe benefit tax rules and treated as income. We can help you stay in compliance with the rules and explain more about this prized perk.
Numerous tax limits affecting businesses have increased for 2022 Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022. Here’s a rundown of those that may be important to you and your business. Social...
HAVEN’T FILED YOUR 2019 BUSINESS TAX RETURN YET? THERE MAY BE WAYS TO CHIP AWAY AT YOUR BILL The extended federal income tax deadline is coming up fast. As you know, the IRS postponed until July 15 the payment and filing deadlines that otherwise would have fallen on...
5 WAYS TO WITHDRAW CASH FROM YOUR CORPORATION WHILE AVOIDING DIVIDEND TREATMENT Do you want to withdraw cash from your closely held corporation at a low tax cost? The easiest way is to distribute cash as a dividend. However, a dividend distribution isn’t...
THE TAX IMPLICATIONS OF A COMPANY CAR The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This benefit results in tax deductions for the employer as well as tax breaks for the owners and employees using the cars....
