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Updated Guidance on Business Vehicle  Depreciation

Posted on May 14th, 2024 by Shari Elias

The rules for deducting depreciation expenses on vehicles used for business purposes have been liberalized under current tax law, but they remain complicated. In addition, annual inflation adjustments make allowable depreciation deductions moving targets. (See “First-Year Depreciation Deductions under the TCJA,” below.) Here’s how to calculate depreciation deductions for cars, SUVs, pickups and vans used […]

Does Your Business Have a Detailed Weather Emergency Plan?

Posted on May 7th, 2024 by Shari Elias

Weather emergencies take many forms and, depending on your location, you’re likely more vulnerable to some forms than others. These disasters — such as hurricanes, tornadoes, floods and wildfires — pose major risks to businesses. In fact, the Federal Emergency Management Agency (FEMA) estimates that about 25% of companies don’t reopen after a major disaster […]

How New Retirement Plan Emergency Savings Accounts Work

Posted on May 2nd, 2024 by Shari Elias

Starting in 2024, employers can offer their nonhighly compensated employees the option to participate in emergency savings accounts that are linked to their company defined contribution retirement plan accounts. This option was introduced in the SECURE 2.0 Act. Defined contribution plans include 401(k) plans. Employees can then make contributions out of their salary to fund […]

Money Matters – Buying versus Leasing a Car

Posted on April 23rd, 2024 by Shari Elias

Some people approach buying a car almost the way they approach marriage, “until death do us part.” Others prefer to keep their options open, trading in every few years for the latest body style, the hottest technology, or the highest horsepower. Whichever describes you best, we all face a similar decision when it comes to […]

Answers to Your Questions about Marital Status and Tax Returns

Posted on March 29th, 2024 by Shari Elias

When a couple ties the knot or gets divorced, taxes are probably not the first thing on their minds. But many decisions that couples make do affect their tax returns — and the amount they ultimately owe the federal government. Here are some answers to some frequently asked questions about marital status and taxes. Q. […]

Federal Tax News for Individuals

Posted on March 19th, 2024 by Shari Elias

Little Bits of Income Still Count It’s easy to overlook smaller amounts of income when it’s time to prepare your tax return. Taxpayers must generally include all income, not just the amount they find on an employer-generated W-2 form. For example, did you make goods and sell them on an online marketplace or at a […]

Key Rules for Home Office Deductions

Posted on March 14th, 2024 by Shari Elias

Do you work from home all or part of the time? If you’re self-employed and meet certain requirements, you can write off a portion of your home office expenses, even if you perform work at other locations. The deduction may be based on the actual expenses you’re able to substantiate — or it may be […]

Smart Ways to Detect Internal Fraud

Posted on March 5th, 2024 by Shari Elias

Internal fraud is difficult to detect, which is understandable given the wide variety of techniques that range from stealing cash and supplies, to falsifying expense reports and benefit claims, embezzling funds, and accepting kickbacks from vendors, contractors, and suppliers. But catching dishonest employees isn’t impossible if you focus on the task, take a strong stand […]

Social Security Tax Update: How High Can It Go?

Posted on March 1st, 2024 by Shari Elias

Employees, self-employed individuals and employers all pay the Social Security tax, and the bite the Social Security tax takes gets bigger every year. Here’s what you should know — and why you should be concerned. Social Security Tax on Employee Wages As an employee, your wages are hit with the 12.4% Social Security tax up […]

Follow Detailed Recordkeeping Rules for Vehicle Expense Deductions

Posted on February 27th, 2024 by Shari Elias

Many business owners fail to follow the strict tax rules for substantiating vehicle expenses. But if your business is audited, the IRS will most likely ask for mileage logs if you deducted vehicle expenses — and it tends to be especially critical of the amount deducted if you’re self-employed or you employ relatives. While the […]