Confused about the federal tax treatment of business-related meal and entertainment expenses? You’re not alone, especially since the rules have changed over the last few years. Let’s break down what you can deduct now. Current law The Tax Cuts and Jobs Act put an end to deductions for most business-related entertainment expenses. That means you […]

Are you the owner of a closely held or family owned business? Make sure a buy-sell agreement is part of your estate plan. It outlines the process for transferring ownership in the event of a “triggering event,” such as death, disability, divorce, termination of employment or withdrawal from the business. A buy-sell agreement ensures an […]

Employing household help—whether a nanny, housekeeper or gardener—can make your life easier, but it also comes with tax responsibilities, often referred to as the “nanny tax.” If your worker qualifies as an employee rather than an independent contractor, you could be responsible for federal income tax, Social Security, Medicare (FICA), federal unemployment (FUTA) and potentially […]

If you’re planning for your child or grandchild’s college education, a 529 plan might be your answer. These tax-advantaged plans, named for the Internal Revenue Code section that provides for them, help you prepay for higher education costs, setting them up for success.  There are two types of qualified tuition programs: What are the tax […]

As a business owner, travel is part of the job—meeting clients, attending conferences, and checking on vendors. Knowing which travel expenses are tax-deductible can boost your bottom line. Manage your travel costs wisely so you can help stay compliant and maximize tax savings. What qualifies as business travel? When you’re away from your “tax home”, […]

When it comes to tax deductions for vehicle-related expenses, business driving often comes to mind. But, individuals can also deduct driving expenses in certain situations. Unfortunately, under current law, you may not be able to deduct as much as you could in previous years. How the TCJA changed deductions Before 2018, you could deduct miles […]

When reviewing their income statements, business owners tend to zero in on profits (or losses). But that narrow focus can cause mismanagement and missed opportunities. To get the full picture, you should analyze the entire statement from top to bottom. Think like an auditor  Approach your company’s income statement with an auditor’s mindset: skeptical, detail-oriented, […]

If you itemize deductions and donate to philanthropic causes, you may qualify to deduct your charitable donations—but there are important requirements you must meet. For instance, you must substantiate charitable gifts with proper documentation to satisfy the IRS. Failing to meet these substantiation requirements can cost you the deduction even if your charitable gift is […]

As year-end reporting wraps up, external auditors are working behind the scenes to prepare for audit season. Here’s how you can make the audit planning process go more smoothly. Audit risk assessment  Auditors can’t review every transaction, estimate, or document during their fieldwork. Instead, they customize their approach to minimize audit risks. The process kicks […]