The Truth About Business Expense Receipts: What You Need to Know
As a business owner or self-employed individual, you’ve probably wondered about therules surrounding expense receipts. Do you really need to keep every single one? Whatabout that $5 coffee you bought while meeting a client? Let’s dive into the world ofbusiness…
Understanding Health Insurance for S-Corporation Owners
Starting an S-corporation comes with some great tax perks, like avoiding corporate income taxes and lowering social security and Medicare taxes. However, figuring out health insurance for S-Corp owners can be a bit tricky. Here’s a simple guide to help…
2024 Annual Gift Tax Exclusion
How Much Can You Give as a Tax-Free Gift? As we navigate the complexities of financial planning and family support, it’s crucial to understand the rules surrounding gift taxes. One question that often arises is: “How much can I gift…
New Reporting Requirement for 2024
FinCen Beneficial Ownership Reporting What is the Beneficial Ownership Information Reporting Rule? The upcoming implementation of the Financial Crimes Enforcement Network’s (FinCEN) Beneficial Ownership Information (BOI) reporting rules on January 1, 2024, may have raised questions for many small business…
§179 vs. bonus depreciation
§179 vs. BONUS DEPRECIATION Either choice brings large deductions Eventually all business owners will need to purchase or replace assets. When this happens, they need to determine how the cost of those assets will be recovered. Typically, the cost of…
Payroll tax deferral
PAYROLL TAX DEFERRAL What this means for you On Aug. 8, 2020, a Presidential Memorandum was issued allowing employers the option to defer withholding and payment of the employee’s portion of Social Security tax if the employee’s wages are below…