By month: October 2023

IRS Makes a Mess of the ERC—What to Do Now?

The IRS is on a tear against improper ERC claims, and this intimidates some tax professionals and business owners. Read this article for insights on what’s going on and what you need to consider.

Tax-Free Income from 14-Day Augusta Rule for S Corporation Owners

The Augusta rule gets its name from the Masters Golf Tournament where some members and others who live in the area receive tax-free rent by renting their homes for a week or two. You don’t have to live in Augusta to benefit from this rule, as this article shows.

Why Did Duncan Bass Make 172 Trips to Goodwill and the Salvation Army?

Pay less in taxes this year by donating clothing and household items. When you know what to do and how to do it, the non-cash deductions available here can help you pocket some after-tax cash that costs you nothing but a little time and effort.

How to Deduct Travel by Car, Train, Plane, or Boat

You have a wide variety of choices on how to travel for business. You can use a car, train, plane, or boat. You can fly economy, business, or first class. Should you own a plane, you can use it for business travel. Special rules apply to the car, plane, and boat; accordingly, if you travel for your business, you should know the rules in this article.

Should You Convert Your Personal Vehicle to Business Use?

If you can convert a personal vehicle to business use, you likely can increase your tax benefits—and do that without spending any money or driving another business mile.

HSA for Employees? Beat the Dreaded 35 Percent Penalty Tax

If you discriminate when you contribute to the health savings accounts (HSAs) of your employees, the IRS will make you pay a 35 percent penalty tax on the total amount of your contributions. This tax can add up quickly, and if you have to pay it, you’ll kick yourself when you discover you can escape the tax entirely by following the three rules in this article.

Beware: New 2024 Businesses and Rentals Trigger FinCEN Filings

If you are going to form a new business in 2024, or use an LLC to buy a rental property, or change your sole proprietorship to a corporation, you need to know about the Corporate Transparency Act’s new filing requirements. Why? Penalties for failure to file are $500 a day, plus (a) up to $10,000 in criminal penalties and (b) up to two years in prison.

Want to Leave the U.S.? You May Have to Pay These Taxes

Planning on leaving the U.S.? If so, you have two choices from a tax perspective, but neither is painless. The tax law that applies to foreign living and expatriation can be tricky, so it’s essential that you depart the country correctly.


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