The Missouri Agricultural and Small Business Development Authority (MASBDA) will start accepting applications for the Missouri Beginning Farmer Tax Deduction Program on August 1, 2024. Deductions for Farm Sales to beginning farmers: Farm owners can qualify for a deduction on their Missouri adjusted gross income based on income from selling or renting/leasing farmland to [...]
The IRS has published new regulations relevant to taxpayers subject to the “10-year rule” for required minimum distributions (RMDs) from inherited IRAs or other defined contribution plans. The final regs, which take effect in 2025, require many beneficiaries to take annual RMDs in the 10 years following the deceased’s death. SECURE Act ended stretch [...]
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. [...]
