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I am writing about a significant opportunity for your business to qualify for the Employee Retention Credit (ERC). As we are in 2023, you still have the chance to qualify for the ERC for the 2020 and 2021 calendar years and potentially recover a substantial amount of money. The...

I wanted to offer some insights regarding an important tax aspect related to the cleaning services at your home office. As you have a home office that qualifies for a home-office deduction and you employ a cleaning lady—let’s call her Annie—who maintains both your home and your home office,...

Are you considering a bold tax position that may significantly reduce your taxes? If approved by the IRS, it’s a win. But if disapproved, be prepared to face a considerable tax penalty. The IRS imposes a 20 percent penalty for substantial tax underpayment. For instance, if the IRS finds...

Here’s some information on how you can help a family member buy a home by making a loan to them while ensuring that you and the family member benefit from a tax-smart loan structure. With the current national average interest rates for 30-year and 15-year fixed-rate mortgages at 6.81...

The IRS recently issued new guidance on electric vehicles. There are four ways you can potentially benefit from a federal tax credit for an EV you place in service in 2023 or later: The new clean vehicle credit is available through 2032, with a maximum credit of $7,500. To...

The federal income tax system is a pay-as-you-go system. In other words, instead of paying your entire tax bill when you file your return, you pay your taxes in smaller payments throughout the year. The pay-as-you-go system is the reason that employers withhold money from the paychecks of their...

You need an estate plan, regardless of whether or not you are among the ultra-rich. As recent news has shown, even those who have won the lottery or have substantial wealth can fall victim to poor estate planning. While federal estate taxes may not concern you, you need a...

When your S corporation covers or reimburses your more-than-2-percent-shareholder-employee health insurance expenses, it classifies the payments as box 1 W-2 wages but not box 3 or box 5 wages. When calculating the amount eligible for the Form 1040 self-employed health insurance deduction, you must use your Medicare wages (listed...

Did you buy, sell, donate, or receive an NFT during the tax year? If so, you must answer “yes” to the digital assets question on page one of the IRS Form 1040. Additionally, if you have sold an NFT, you could be liable for tax or eligible for a...

Health Savings Accounts (HSAs) are designed for use alongside high-deductible health plans, assisting you in covering your medical expenses. They can also function as an incredible retirement account due to their triple tax benefit: And after age 65, you can use the monies for non-medical purposes, the same as...

I know you have been thinking about employee fitness and possibly a gym or other athletic facility. To be tax deductible, your gym or other athletic facilities must be primarily for the benefit of your employees—other than employees who are officers, shareholders, or other owners who own a 10...

If your children work in your business, consider giving them education fringe benefits. Doing this right creates You can accomplish this without a Section 127 plan when your child needs the education to do the job for your business or comply with a law or regulation. In general, you...