May 2024

The Advantages of Hiring Your Minor Children for Summer Jobs If you’re a small-business owner and you hire your children this summer, you may be able to secure tax breaks and other nontax benefits. The kids can gain bona fide on-the-job experience, save for college and learn how to manage money. ... Read More

April 2024

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

March 2024

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

February 2024

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

January 2024

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