Insights
Home sweet home: Do you qualify for office deductions?
If you’re a business owner working from home or an entrepreneur with a home-based side gig, you may qualify for valuable home office deductions. But not everyone who works from home gets the tax break. Employees who work remotely can’t deduct home office expenses under current federal tax law. To qualify for a deduction, you…
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Expenses Related to Making Your Business More Accessible? Learn About the Disabled Access Credit
By: Andrew Uy & Ryan Mink, CPA The Disabled Access Credit allows a credit for small businesses that have expenses related to making their business more accessible to people with disabilities. This includes website accessibility improvements. The credit provides for up to $5,000 in tax credits for a small business. As a reminder, a tax…
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Tax Implications of the Inflation Reduction Act (IRA)
The House of Representatives passed The Inflation Reduction Act (IRA) Friday, August 12, and President Joe Biden sign into law August 16. The legislation, which is a pared-down version of the proposed Build Back Better plan, was passed through the budget reconciliation process and is expected to pay for itself and decrease the budget deficit.…
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How to treat business website costs for tax purposes
These days, most businesses have websites. But surprisingly, the IRS hasn’t issued formal guidance on when website costs can be deducted. Fortunately, established rules that generally apply to the deductibility of business costs provide business taxpayers launching a website with some guidance as to the proper treatment of the costs. Plus, businesses can turn to…
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Is your withholding adequate? Here’s how to check
When you filed your federal tax return this year, were you surprised to find you owed money? You might want to change your withholding so that this doesn’t happen again next year. You might even want to adjust your withholding if you got a big refund. Receiving a tax refund essentially means you’re giving the…
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Probate and How to Avoid it
By: Layne Blasingim, CPA & Elaine Daugherty, CPA What is it? Probate is the formal legal process that recognizes a will (if one exists) and appoints a representative/administrator/executor to distribute assets to all intended beneficiaries and creditors. Some states require a “formal” probate where an estate is settled under the supervision of a court. “Formal”…
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Inuit Announces Phishing Attacks for QuickBooks Customers
Tax software vendor Intuit has warned that QuickBooks customers are being targeted in ongoing phishing attacks impersonating the company. The phishing attacks are attempting to lure users with fake account suspension warnings. Today’s alert from Intuit comes after multiple users reported receiving phishing emails notifying them that their QuickBooks accounts were suspended following a failed…
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Employer tax benefits of student loan repayment programs
The sheer amount of student loan debt individuals are graduating from higher education with has been increasingly covered in the news. While the government has been working to forgive student loan debt for certain people, there is something employers can do to help take the burden off employees and their tax liability. In addition to…
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Three tax breaks for small businesses
Sometimes, bigger isn’t better: Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to larger businesses. Here are some examples. 1. QBI deduction For 2018 through 2025, the qualified business income (QBI) deduction is available to eligible individuals, trusts and estates. But it’s not available to C corporations or…
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I Bonds Can Help You Tackle Inflation, But You Must Know the Rules
With inflation rates reaching historical highs and driving up the cost of doing business, business owners are seeking out creative ways to fight inflation. The Series I Savings Bond is one tool that’s been getting some buzz. Also known as I Bonds, these low-risk savings products depend on higher inflation to produce better returns.…
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