It’s hard to imagine that a small business does not qualify for some or all of the employee retention credit (ERC). And remember, this is a tax credit—one of the very best things that tax law has to offer. True, it’s not as valuable as some...
Three bad things happen when you file your tax return late. What’s Late? You can extend your tax return and file during the period of extension; that’s not a late-filed return. The late-filed return is filed after the last extension expired. That’s what causes the three bad things...
We seem to be living in an age of natural disasters. Floods, fires, hurricanes, tornados, and other disasters often dominate the news. If a disaster strikes you, the tax law may help. When defined as such by the tax code, a disaster loss may qualify for...
Disasters such as storms, fires, floods, and hurricanes damage or destroy property. If property such as an office building, rental property, a business vehicle, or business furniture is damaged or destroyed in a disaster, your business may qualify for a casualty loss deduction. It’s easier to...
When you know the rules, you can party with your employees and deduct 100 percent of the cost. The IRS says that the following types of entertainment qualify for the 100 percent employee entertainment tax deduction: Holiday parties, annual picnics, and summer outings Maintaining a swimming...
