There are a number of different hobbies that some taxpayers turn into businesses. Here’s how they can protect tax breaks on their tax returns.
Small Business
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When partners pay expenses related to the business
If you’re a partner in a partnership business, can you deduct expenses you incur on your personal tax return? Here are the rules.
Small businesses can help employees save for retirement, too
Nowadays, even small businesses are often expected to help employees save for retirement. The good news is there are some relatively easy ways to do so.
Should your business offer emergency savings accounts?
There’s a new fringe benefit your business may want to offer your employees: pension-linked emergency savings accounts. Here’s how they work.
Update on IRS efforts to combat questionable ERC claims
Aggressive marketing encouraging businesses to claim the pandemic-related Employee Retention Credit led to many taxpayers erroneously receiving refunds. The IRS has a program that allows them to come forward and repay part of the money before collection efforts begin.
You may qualify for a tax credit for employees who receive tips
If you’re a restaurant owner with employees receiving tips, you may qualify for a lucrative tax break.
Defer a current tax bill with a like-kind exchange
The real estate market has been tough recently. But there are still large profits being made on some business property. In these cases, a “like-kind” exchange may be attractive when selling commercial or investment real estate.
Is your business subject to the new BOI reporting rules?
Many businesses, including small ones, may be subject to new beneficial ownership information reporting rules under the Corporate Transparency Act. Here’s what you need to know.
Valuations can help business owners plan for the future
Most business owners know that a valuation will be necessary if they decide to sell their companies. But there are other reasons to consider engaging a qualified appraiser.
Divorcing business owners should pay attention to the tax consequences
Divorce can be financially complicated, especially if one or both of the spouses owns a business.
Read something interesting? Want more information? Give us a call, and we will be happy to assist you in any way we can.
144 W 2nd St
Washington, NC 27889
Washington, NC 27889
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Monday-Thursday
8:00 AM - 5:00 PM
Friday
8:00 AM - 12:00 PM
Saturday-Sunday
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