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If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles classified as passenger autos (which [...]

The week of September 13-17 has been declared National Small Business Week by the Small Business Administration. To commemorate the week, here are three tax breaks to consider. Claim bonus depreciation or a Section [...]

A business may be able to claim a federal income tax deduction for a theft loss. But does embezzlement count as theft? In most cases it does but you’ll have to substantiate the loss. [...]

In order to prepare for a business audit, an IRS examiner generally does research about the specific industry and issues on the taxpayer’s return. Examiners may use IRS “Audit Techniques Guides (ATGs).” A little-known [...]

If you’re a business owner and you’re getting a divorce, tax issues can complicate matters. Your business ownership interest is one of your biggest personal assets and in many cases, your marital property will [...]

In-person oral hearings will resume in Sept. 2021, for the California Office of Tax Appeals (OTA) in Sacramento. In-person hearings in Los Angeles and Fresno locations will resume at a later date. The OTA [...]

If your business receives large amounts of cash or cash equivalents, you may be required to report these transactions to the IRS. What are the requirements? Each person who, in the course of operating [...]

Perhaps you operate your small business as a sole proprietorship and want to form a limited liability company (LLC) to protect your assets. Or maybe you are launching a new business and want to [...]

Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up being non deductible both by an officer and the corporation [...]

Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched. From June 2020 through June 2021, the U.S. Census Bureau reports that business applications are [...]

There’s a harsh tax penalty that you could be at risk for paying personally if you own or manage a business with employees. It’s called the “Trust Fund Recovery Penalty” and it applies to [...]

Are you eligible to take the deduction for qualified business income (QBI)? Here are 10 facts about this valuable tax break, referred to as the pass-through deduction, QBI deduction or Section 199A deduction. The [...]

Are you a Californian with questions about the Golden State Stimulus checks? The CA Franchise Tax Board (FTB) has updated its webpage to answer questions. New information includes the Governor’s proposal to expand stimulus [...]

As we continue to come out of the COVID-19 pandemic, you may be traveling again for business. Under tax law, there are a number of rules for deducting the cost of your out-of-town business [...]

Tax on tobacco products in California rise again. The CA Dept of Tax and Fee Administration (CDTFA) has announced that effective July 1, 2021, through June 30, 2022, the tax rate for tobacco products [...]

The IRS recently released guidance providing the 2022 inflation-adjusted amounts for Health Savings Accounts (HSAs). Fundamentals of HSAs An HSA is a trust created or organized exclusively for the purpose of paying the “qualified [...]

If your business is organized as a sole proprietorship or as a wholly-owned limited liability company (LLC), you’re subject to both income tax and self-employment tax. There may be a way to cut your [...]

President Biden recently announced his $1.8 trillion American Families Plan (AFP), the third step in his Build Back Better policy initiative. The announcement followed the previous releases of the proposed $2.3 trillion American Jobs [...]

Providing education assistance to employees? Follow these rules Many businesses provide education fringe benefits so their employees can improve their skills and gain additional knowledge. An employee can receive, on a tax-free basis, up [...]

Know the ins and outs of “reasonable compensation” for a corporate business owner Owners of incorporated businesses know that there’s a tax advantage to taking money out of a C corporation as compensation rather [...]

Work Opportunity Tax Credit extended through 2025 Are you a business owner thinking about hiring? Be aware that a recent law extended a credit for hiring individuals from one or more targeted groups. Employers [...]

If you run a business from home, you could qualify for home office deductions During the COVID-19 pandemic, many people are working from home. If you’re self-employed and run your business from your home [...]

Merger and acquisition activity in many industries slowed during 2020 due to COVID-19. But analysts expect it to improve in 2021 as the country comes out of the pandemic. If you are considering buying [...]

A number of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2021. Some stayed the same due to low inflation. And the deduction for business meals has [...]

Small business owners are well aware of the increasing cost of employee health care benefits. As a result, your business may be interested in providing some of these benefits through employer-sponsored Health Savings Accounts [...]

If you’re a partner in a business, you may have come across a situation that gave you pause. In a given year, you may be taxed on more partnership income than was distributed to [...]