You might be eligible for a credit related to the Social Security and Medicare taxes (FICA taxes) you pay on your employees' cash tips. This credit applies to tips your employees receive from customers for food or beverages, regardless of whether they are consumed on or off the premises. Although customers pay these tips [...]
The Inflation Reduction Act provided the IRS with billions of dollars of additional funding to reduce the so-called “tax gap” between what taxpayers owe and what they actually pay. The tax agency has already launched numerous initiatives aimed at this goal, including several business-related compliance campaigns. Let’s take a closer look at three of [...]
In 2024, business meals are again 50% deductible with some exceptions below. Verify the meal qualifies and that you are keeping accurate records to substantiate them in case of an audit. To qualify for the deduction: The expense must be an ordinary and necessary cost incurred while conducting the business during the tax year. [...]
Consider donating appreciated stock rather than cash if you intend to contribute to a charity, college, or other 501(c)(3) organization. By doing so, you can potentially maximize your tax benefits. When you donate appreciated stock to a qualifying organization, such as a charity, the organization can sell the stock without incurring any capital gains taxes, [...]
The Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act was signed into law in December 2022, bringing more than 90 changes to retirement plan and tax laws. Many of its provisions are little known and were written to roll out over several years rather than immediately taking effect. Here are several important changes [...]
