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February 2024 Newsletter Tax-Savings Tips

February 2024 Newsletter Tax-Savings Tips

Corporate Transparency Act Requires BOI Reporting to FinCEN The Corporate Transparency Act (CTA) is upon us. It took effect on January 1, 2024, and imposes a new federal filing requirement for most corporations, limited liability companies (LLCs), and other business...

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January 2024 Newsletter Tax-Savings Tips

January 2024 Newsletter Tax-Savings Tips

New FinCEN Filings Go into Effect on January 1 For existing businesses, the Corporate Transparency Act (CTA) goes into effect on January 1, 2024, and imposes a brand-new federal filing requirement on most corporations, limited liability companies, and limited...

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December 2023 Newsletter Tax-Savings Tips

December 2023 Newsletter Tax-Savings Tips

Last-Minute Year-End General Business Income Tax Deductions The purpose of this article is to reveal how you can get the IRS to owe you money. Of course, the IRS will not likely cut you a check for this money (although in the right circumstances, that will happen),...

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November 2023 Newsletter Tax-Savings Tips

November 2023 Newsletter Tax-Savings Tips

As the year comes to a close, many taxpayers consider making clothing and household item donations both to give back and to optimize their tax deductions. Recent cases, like the one involving Duncan Bass, underscore the significance of understanding and adhering to...

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October 2023 Newsletter Tax-Savings Tips

October 2023 Newsletter Tax-Savings Tips

HSAs for Business Owners When enacted, the Affordable Care Act (ACA) eliminated most small-business health plans that reimbursed individually purchased health insurance. Consequently, many small business owners with fewer than 50 employees chose health savings...

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September 2023 News Letter Tax-Savings Tips

September 2023 News Letter Tax-Savings Tips

ICHRA Unleashed: Transforming Small Business Health Benefits The individual coverage health reimbursement arrangement (ICHRA) allows businesses of all sizes, from large corporations to small businesses like yours, to reimburse employees for their personally purchased...

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Tax-Savings Tips for Business Expenses in 2023

Tax-Savings Tips for Business Expenses in 2023

Know the $75 Rule for Business Expenses The $75 rule applies to certain business expenses where you do not need a receipt. But we emphasize that this rule does not apply to all tax deductions. Many taxpayers mistakenly apply the $75 rule to all their tax deductions,...

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March 2023 Tax-Saving Tips

March 2023 Tax-Saving Tips

2023 Health Insurance for S Corporation Owners: An Update Here’s an update on the latest developments in 2023 health insurance for S Corporation Owners. As a more-than-2-percent S Corporation Owner, you are entitled to some good news when it comes to your health...

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April 2021 PPP Extended—Act Fast or Miss Out

April 2021 PPP Extended—Act Fast or Miss Out

This is likely it—your last chance to obtain first- and second-draw Paycheck Protection Program (PPP) monies.   A new law, the PPP Extension Act of 2021, extends the expiration date to the later of May 31 or when the money runs out. Note the phrase “when the...

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March 2021 COVID-19 Tax Relief Measures

March 2021 COVID-19 Tax Relief Measures

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) made many temporary changes in the tax law. The new Consolidated Appropriations Act (CAA) adjusted some of these and left others to die on December 31, 2020.   Below are insights into some of the...

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