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3 Strategies for Estimated Tax Payments
Many individuals today are self-employed or generate income from interest, rent, dividends and other sources. If you're in this situation, you could be risking penalties if you don't pay enough taxes during the year through estimated tax payments and withholding. (The...
Education Benefits Help Attract and Retain Employees While Saving Taxes
Your business can attract and retain employees by providing education benefits that enable team members to improve their skills and gain additional knowledge, all on a tax-advantaged basis. Here's a closer look at some education benefits options. Educational...
Self-Directed IRAs Provide Both Flexibility and Risk
Traditional and Roth IRAs can be relatively “safe” retirement-saving vehicles, though, depending on what they're invested in, they limit your investment choices. For more flexibility in investment choices but also more risk, another option is a self-directed IRA....
Withdrawing ERC Claims
Recently, the IRS halted processing of claims for the Employee Retention Credit (ERC), due to a high volume of fraudulent claims. The moratorium is through at least the end of 2023. ERC claims that were already filed are now subject to longer processing, including...
Follow IRS Rules to Nail Down a Charitable Tax Deduction
Donating cash and property to your favorite charity is beneficial to the charity, but also to you in the form of a tax deduction if you itemize. However, to be deductible, your donation must meet certain IRS criteria. First, the charity you're donating to must be a...
Do You Sell Products? How QuickBooks Can Help You Track Them
New Per Diem Rates for Business Travel The IRS has announced the per diem rates for ordinary and necessary business travel expenses in fiscal year 2023-24: When using the high-low substantiation method, the rate for travel to high-cost localities is $309 per day and...
One-Time Thing: IRA to HSA transfer
Did you know that you can transfer funds directly from your IRA to a Health Savings Account (HSA) without taxes or penalties? Under current law, you're permitted to make one such “qualified HSA funding distribution” during your lifetime. Typically, if you have an IRA...
Is Disability Income Taxable?
If you may be eligible for disability income should you become disabled, it's important to know whether that income will be taxable. As is often the case with tax questions, the answer is “it depends.” Key Factor The key factor is who paid it. If your employer will...
How To Be Ready To Secure a Business Bad Debt Deduction on Your 2023 Tax Return
Is your business having trouble collecting payments from clients or vendors? You might be able to claim a bad debt deduction on your tax return. But if you hope to take the deduction on your 2023 return, you'll have to get busy, because you must be able to show that...
Tax Treatment of Cryptocurrency
Questions surrounding the tax treatment of cryptocurrency are complex. According to recent IRS Revenue Ruling 2023-14, the process of verifying ownership of cryptocurrency is called “ staking.” And when a taxpayer has successfully staked his or her units of...