Insights
From flights to meals: A guide to business travel tax deductions
As a business owner, you may travel to visit customers, attend conferences, check on vendors and for other purposes. Understanding which travel expenses are tax deductible can significantly affect your bottom line. Properly managing travel costs can help ensure compliance and maximize your tax savings. Your tax home Eligible taxpayers can deduct the ordinary and…
Read More
Maximize your year-end giving with gifts that offer tax benefits
As the end of the year approaches, many people start to think about their finances and tax strategies. One effective way to reduce potential estate taxes and show generosity to loved ones is by giving cash gifts before December 31. Under tax law, you can gift a certain amount each year without incurring gift taxes or…
Read More
The nanny tax: What household employers need to know
Hiring household help, whether you employ a nanny, housekeeper or gardener, can significantly ease the burden of childcare and daily chores. However, as a household employer, it’s critical to understand your tax obligations, commonly called the “nanny tax.” If you hire a household employee who isn’t an independent contractor, you may be liable for federal…
Read More
West Virginia Tax Rate Reduction
By: Miri Hunter, CPA, CVA, CGMA The West Virginia State Tax Department has announced that effective January 1, 2025, the personal income tax rates will be reduced by 4%, which will bring the top rate down from 5.12% to 4.92%. The tax rate is a graduated tax rate which based…
Read More
2024 Year-End Tax Planning Guide
At Suttle & Stalnaker, PLLC we are dedicated to helping you maximize your income through various tax-saving strategies. We are excited to share our 2024 Year-End Year-Round Tax Planning Guide. There are numerous tax developments to consider for the current tax year. However, keep in mind that this resource is intended to provide general suggestions…
Read More
Make year-end tax planning moves before it’s too late!
With the arrival of fall, it’s an ideal time to begin implementing strategies that could reduce your tax burden for both this year and next. One of the first planning steps is to ascertain whether you’ll take the standard deduction or itemize deductions for 2024. You may not itemize because of the high 2024 standard…
Read More
IRS Update – Hurricane Helene Victims
By: Tricia Clark, CPA The IRS has provided filing relief to those affected by Hurricane Helene. Individuals and businesses in the entire states of Alabama, Georgia, North Carolina and South Carolina, and parts of Florida, Tennessee and Virginia will qualify. The relief is in the form of an extension of time to file and/or pay until…
Read More
Help ensure your partnership or LLC complies with tax law
When drafting partnership and LLC operating agreements, various tax issues must be addressed. This is also true of multi-member LLCs that are treated as partnerships for tax purposes. Here are some critical issues to include in your agreement so your business remains in compliance with federal tax law. Identify and describe guaranteed payments to partners…
Read More
2024 Q4 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. Note:…
Read More
Working remotely is convenient, but it may have tax consequences
Many employees began working remotely during the pandemic and continue doing so today. Remote work has many advantages for employers and employees, and as a result, it’s here to stay in many industries. But it may also lead to some tax surprises, especially if workers cross state lines. Double taxation may occur It’s not unusual…
Read MoreSUBSCRIBE TO OUR NEWSLETTER
Receive timely news and updates from our newsletter.