Tag: Small Business Tax

As a business owner, you may be eligible to claim home office tax deductions that will reduce your taxable income. However, it’s important to understand the IRS rules to help

If an individual taxpayer has substantial business losses, unfavorable federal income tax rules can potentially come into play. As you assess your 2024 tax situation, here’s what you need to

Certain industries employ service workers who receive tips as a large part of their compensation. A few examples include restaurants, hotels, and salons. If your business has employees who receive

A variety of tax-related limits that affect businesses are indexed annually based on inflation. Many have increased for 2025, but the increases aren’t as great as they have been in

With the 2025 tax filing season underway, be aware that the deadline is approaching for businesses to submit certain information returns to the federal government and furnish them to workers.

The nationwide price of gas is slightly higher than it was a year ago and the 2025 optional standard mileage rate used to calculate the deductible cost of operating an

New and used “heavy” SUVs, pickups, and vans placed in service in 2025 are potentially eligible for big first-year depreciation write-offs. However, one requirement is you must use the vehicle

When selling business assets, understanding the tax implications is crucial. One area to focus on is Section 1231 of the Internal Revenue Code, which governs the treatment of gains and

The U.S. Bureau of Labor Statistics reports that unemployment is still very low, between 4.0% and 4.3% from May to November 2024. With hiring being difficult right now, business owners

One option to consider when deciding on the best structure for your business is a C corporation. This entity offers numerous advantages and disadvantages that may significantly affect your business operations