What expenses can’t be written off by your business?
Mon, Jun 3, 2024

Business owners who look at the Internal Revenue Code for a list of deductible business expenses may be surprised to find that there isn’t a list of specific deductions. For example, the tax law doesn’t explicitly state that a business can deduct office supplies and certain other expenses. Some expenses are detailed in the code, but the general rule is contained in Section 162, which states a business can write off “all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business.”

Getting a new business off the ground
Mon, Jun 3, 2024

Government officials monitor the number of new businesses that are launched each year. In the aftermath of the pandemic, government officials saw a large increase of businesses formed. The U.S. Census Bureau measures this by monitoring the number of businesses applying for an Employer Identification Number. This article describes how start-up expenses are handled on the relevant tax return.

Sending the kids to day camp may bring a tax break
Mon, Jun 3, 2024

Among the many challenges of parenthood is what to do with the kids when school lets out. Parents who choose to send their children to day camp may qualify for a valuable tax break: the child and dependent care credit. This article explains why tax credits are so beneficial and how eligibility for this one is determined.

Help prevent financial scams aimed at older people
Mon, Jun 3, 2024

No matter the season, scam artists look for new victims. They often attempt to use phone and email scams to pick the pockets of older people, trying to steal money and financial data. This article offers seven ways to help prevent elder financial abuse and fraud.

The advantages of hiring your minor children for summer jobs
Wed, May 1, 2024

Small business owners may be able to hire their minor children this summer and get tax breaks and other nontax benefits. While eligible owners can save on payroll taxes and lower some costs, their kids also benefit. They gain on-the-job experience, develop practical skills and learn how to manage money. A sidebar notes that earned income can also help young workers get an early start on funding a retirement plan.

3 ways your business can uncover cost cuts
Wed, May 1, 2024

Every business wants to cut costs, but it sure isn’t easy. We’re talking about clear and substantial ways to lower expenses, thereby strengthening cash flow and giving you a better shot at strong profitability. Obvious places to slash costs — such as wages, benefits and overhead — often aren’t viable options because the very stability of the operation may depend on them. But there might be other ways to lower expenses if a business owner digs deeply enough. Here are three ways to perhaps uncover some cost-cutting opportunities.

To get an “early” refund, adjust your withholding
Wed, May 1, 2024

Taxpayers who received a large tax refund this year may want to adjust their withholding. Each year, millions of taxpayers claim an income tax refund. That can represent a pleasant influx of cash. But it’s probably not the best use of cash for taxpayers. In fact, it’s similar to giving the government an interest-free loan for nearly a year. Fortunately, there’s a way taxpayers can begin collecting their 2024 tax refunds now, by reviewing their withholding and estimated payments, and getting the money in their pockets during the year, instead of in a refund the following year.

The “nanny tax” must be paid for nannies and other household workers
Wed, May 1, 2024

Many taxpayers employ household workers such as a cleaners or nannies who aren’t independent contractors. These employers may be required to withhold from their workers’ wages and pay Social Security and Medicare taxes, and possibly other taxes. This short article gives a rundown of what the employer of a household worker needs to know to withhold taxes, what taxes the employer is responsible for and how to report the taxes.

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Archived Newsletters

April's Topics

Tax records: What can you toss and what should you keep?
Is your business closing? Here are your final tax responsibilities
4 ways corporate business owners can help ensure compensation is “reasonable”
Payable-on-death accounts: Beneficial tools if used correctly
Tax Calendar


March's Topics:

Retirement saving options for your small business
Hiring? How to benefit from the Work Opportunity Tax Credit
Have you recently reviewed your life insurance needs?
The Child Tax Credit is still available


February's Topics:

Traveling for business in 2024? What’s deductible?
How to secure a tax benefit with the QBI deduction
Tracking down donation substantiation
There may still be time to lower your 2023 tax bill


January's Topics:

Retirement saving options for your small business
Hiring? How to benefit from the Work Opportunity Tax Credit
Have you recently reviewed your life insurance needs?
The Child Tax Credit is still available


December's Topics:

Use the tax code to make business losses less painful
Education benefits help attract, retain and motivate your employees
Consider the flexibility of a self-directed IRA
3 strategies for handling estimated tax payments