Business deductions and tax breaks

Competitive compensation is not enough to attract top talent. Businesses should now consider providing attractive employee benefits to hire and retain highly skilled professionals.   If you have employees with young children, employer-provided childcare is one of the benefits that they might highly value. The IRS recognizes the importance of...

If you own a bar, restaurant, or food delivery service, you may have encountered the challenge of managing and reporting your employees' tips. Even though tip income is not part of the wages you pay your workers for their regular job duties, it is still considered taxable. As an employer, you're responsible for paying income taxes on your...

Renters often wonder whether their rent payments can be deducted from their taxes. While the federal government does not generally allow rent deductions, there are circumstances and state-specific provisions that can offer tax benefits to renters. This article will delve into the various scenarios under which rent might be deductible, the...

If you run a small business, effective tax planning can help you lower your tax bill and avoid unexpected taxes. The US government offers several tax deductions and credits to help you keep more of your hard-earned money.  One of the most important is a general business tax credit. It is a collection of credits encouraging specific business...

The Work Opportunity Tax Credit (WOTC) is a federal tax credit designed to encourage employers to hire individuals from groups with employment barriers.  The Work Opportunity Tax Credit delivers financial advantages for small businesses and plays a crucial role in fostering workplace diversity. It helps businesses create more inclusive work...

Navigating taxes as a self-employed individual can be complex, particularly when it comes to deductions. One of the most valuable deductions available is the self-employed health insurance deduction, which allows you to deduct 100% of the premiums you pay for health insurance. This deduction can significantly lower your taxable income,...

The State of California introduced the California Assembly Bill (CA AB150) in response to the federal Tax Cuts and Jobs Act (TCJA) of 2017.  California Assembly Bill (2021) helps reduce the effect of the $10,000 limit on state and local tax deductions for certain businesses. This article overviews AB150 California and how it can help small...

In the world of tax filing and refunds, Form 8849, "Claim for Refund of Excise Taxes," occupies a unique place. This form enables taxpayers to request a refund for certain overpaid excise taxes – a crucial financial relief for many. Excise taxes, while often less visible than income or sales taxes, are levied on specific goods, activities, or...

In recent years, the landscape of the traditional workplace has dramatically shifted, with remote work becoming an increasingly prevalent part of professional life. This change has been accelerated by technological advancements and, more recently, by global events such as the COVID-19 pandemic. As a result, the home office has transformed...