If you’re going to receive a personal injury or discrimination settlement or award, you want the best tax result possible. Here are the basic rules of when amounts are tax free or taxable. Continue Reading How are Court Awards and Out-of-Court Settlements Taxed?
Ever wonder how much of a tax break you’d get if you bought a private plane for your business? Here are the basic rules. Continue Reading The Tax Implications of Owning a Corporate Aircraft
The U.S. House of Representatives passed a crucial part of President Biden’s agenda by a vote of 220-213 on November 19. Continue Reading U.S. House Passes the Build Back Better Act
The holiday season is just around the corner. Your business may want to show its gratitude to employees and customers by giving gifts or hosting parties after a year of forgoing them due to the pandemic. Continue Reading Businesses Can Show Appreciation — and Gain Tax Breaks — With Holiday Gifts and Parties
The Employee Retention Credit (ERC) was a valuable tax credit that helped employers survive the COVID-19 pandemic. A new law has retroactively terminated it before it was scheduled to end. Continue Reading Infrastructure Law Sunsets Employee Retention Credit Early
Are you launching a business or thinking about changing your existing business entity? You’ll need to determine which entity works best for you. Continue Reading Many Factors are Involved When Choosing a Business Entity
With the increasing cost of employee health care benefits, your business may be interested in establishing an employer-sponsored Health Savings Account (HSA). Continue Reading Would You Like to Establish a Health Savings Account for Your Small Business?
A tax law that passed in 2017 makes a major change to Section 174 research and experimental (R&E) expenses. Here’s what it might mean for your 2022 business tax return being filed this year. Continue Reading Changes in Sec. 174 make it a good time to review the R&E strategy of your business
The California Franchise Tax Board is conforming to the IRS’s postponement of filing and payment deadlines to October 16, 2023, for taxpayers located in most California counties due to the recent winter storms. Continue Reading Additional Tax Relief Provided for Californians Impacted by Winter Storms
How much is the standard deduction in 2023? How much do you have to earn this year before you can stop paying Social Security on your salary? Here are some Q&As about these and other tax-related amounts for 2023. Continue Reading Answers to your questions about 2023 limits on individual taxes
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