Meals, Entertainment and Transportation May Cost Businesses More Under the TCJA
January 29, 2018 – Along with tax rate reductions and a new deduction for pass-through qualified business income, the new tax law brings the reduction or elimination of tax deductions for certain business expenses. Two expense areas where the Tax Cuts and Jobs Act (TCJA) changes the rules — and not to businesses’ benefit — are meals/entertainment and transportation. In effect, the […]
What are the most tax-advantaged ways to reimburse employees’ education expenses?
July 13, 2017 – Reimbursing employees for education expenses can both strengthen the capabilities of your staff and help you retain them. In addition, you and your employees may be able to save valuable tax dollars. But you have to […]
Business Owners: When it comes to IRS audits, be prepared
If you recently filed for your income tax return (rather than filing for an extension) you may now be wondering whether it’s likely that your business could be audited by the IRS based on your filing. Here’s what every business owner should […]
Now’s a great time to purge old tax records
Whether you filed your tax return by the April 15 deadline or you filed for an extension, you may be overwhelmed by the amount of documentation involved. While you need to hold on to all of your recent tax records for now, it’s a great time to take a look at your records for previous tax years to see what you can purge.
Consider the […]
Bartering may be cash-free, but it’s not tax-free
Bartering might seem like something that happened only in ancient times, but the practice is still common today. And the general definition remains the same: the exchange of goods and services without the exchange of money. Because no cash changes hands in a typical barter transaction, it’s easy to forget about taxes. But, as one might expect, you can’t cut Uncle […]