Work from home tax deductions, why the fuss? According to Global Workplace Analytics, 25-30% of the workforce will be working from home numerous days a week by the end of 2021. Currently a pattern before the pandemic, remote working ended up being the “brand-new normal” for businesses of all sizes having a hard time surviving …
When you travel out of town overnight, you need to know the tax-home rule. The IRS defines your tax home, and it’s not necessarily in the same town where you have your personal residence. If you have more than one business location, one of the locations will be your tax home. It’s generally your …
Why would you want to consider tax methods when the years nearly over? Since Year End Tax Planning, a Lot More Than Simple Deductions.
President Biden’s brand-new vaccine required comes with substantial effects for employers. Here’s a take a look at some of the top concerns and responses concerning this brand-new program. On September 9th, President Biden announced his government’s brand-new vaccination mandate, which will cover both federal workers and companies with more than 100 employees. Not remarkably, the …
Vaccination Mandate:10 Concerns We Employers Have Read More »
Do you claim a tax deduction for a home office? Should you include or exclude your garage space in your calculations of business-use percentage? Usable Space Concept Ronald Culp earned an office deduction for 78 percent of his home. That’s a nice percentage, but what’s really interesting is how the court looked at Mr. Culp’s …
Do Home Office Tax Deductions Include Garage Space? Read More »
When a corporation hоldѕ its annual gеnеrаl mееtіng (a.k.a, аnnuаl ѕhаrеhоldеr mееtіng), it muѕt keep a rесоrd(meeting minutes) on fіlе for rеgulаtоrу compliance рurроѕеѕ. Businesses thаt hаvе іnсоrроrаtеd аѕ a corporation оr formed a lіmіtеd lіаbіlіtу соmраnу (LLC) muѕt carefully dосumеnt thеіr соmрlіаnсе activities. Mоѕt states rеԛuіrе that C Corporations (including those thаt hаvе elected …
Your Company’s Annual Meeting Minutes: Why And How? Read More »
The Work Opportunity Tax Credit(WOTC) rewards your good deeds. And now, because of new legislation, the rules are in place for longer than usual. If you need to hire workers in your business, this dollar-for-dollar reducer of your taxes is one to know about. Suppose your business hires a member of a targeted group. In …
Work Opportunity Tax Credit(WOTC)-Time to Benefit Read More »
When Congress passed the American Rescue Plan Act in March, it made a little-noticed change(1099-K) in the tax reporting rules that will make it almost impossible for independent contractors and other businesses to hide their income from the IRS by receiving electronic payments. The big change takes effect in 2022, the PayPal loophole is going …
In 1935, the self-employment tax topped out at $60. Those 1935 lawmakers must be twirling in their graves with the new rules for 2021, which levy the following taxes: A self-employment tax of up to $21,848, which comes from the 15.3 percent rate that applies to self-employment income of up to $142,800. A 2.9 percent …
How to Deal with the New Self-Employment Tax Base Read More »
Since 1986, lawmakers have limited the business meals deductions: first to 80 percent, and then to 50 percent (unless an exception applies). But on December 27, 2020, in an effort to help the restaurant industry due to the COVID-19 pandemic, lawmakers enacted a new, temporary 100 percent business meal deduction for calendar years 2021 and …
Your Business Meals under New Rules, Deduct 100 Percent Now Read More »