Tax records: What can you toss and what should you keep?
Generally, the IRS has three years to audit a tax return, from the later of the due date of the return or the date you file. You can also file an amended return within this time frame if you overlooked something.
Here’s what you need to ... Read More
Retirement Saving Options for Your Small Business
If you’re looking for a retirement plan for yourself and your employees but worried about the financial commitment and administrative burdens involved, there are some options to consider. One possibility is a Simplified Employee Pension (SEP). Thi... Read More
Traveling for Business in 2024? What's Deductible?
If you and your employees will be traveling for business this year, there are many factors to keep in mind. Under the tax law, certain requirements for out-of-town business travel within the United States must be met before you can claim a deductio... Read More
Sec. 179 Expensing and Bonus Depreciation: Beware of Pitfalls
If eligible, you can elect to use Section 179 expensing or bonus depreciation to deduct a large portion of the cost (and in some cases the full cost) of eligible property in the year it's placed in service. Alternatively, you may follow ... Read More
Use the Tax Code to Make Business Losses Less Painful
Whether you're operating a new company or an established business, losses can happen. The federal tax code may help soften the blow by allowing businesses to apply losses to offset taxable income in future years, subject to certain limitations.
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