Tax Planning

Drive down your business taxes with local transportation cost deductions

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December 9, 2024
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Understanding how to deduct transportation costs could significantly reduce the tax burden on your small business. You and your employees likely incur various local transportation expenses each year, and they have tax implications. Let’s start by defining “local transportation.” It refers to travel when you aren’t away from your tax home long enough to require […]
#businesstaxes, #cost, deductions
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Tax Planning

How inflation will affect your 2024 and 2025 tax bills

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November 27, 2024
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Inflation can have a significant impact on federal tax breaks. While recent inflation has come down since its peak in 2022, some tax amounts will still increase for 2025. The IRS recently announced next year’s inflation-adjusted amounts for several provisions. Here are the highlights. Standard deduction. What does an increased standard deduction mean for you? A […]
bills, Inflation, tax
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Tax Planning

When can you deduct business meals and entertainment?

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November 25, 2024
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You’re not alone if you’re confused about the federal tax treatment of business-related meal and entertainment expenses. The rules have changed in recent years. Let’s take a look at what you can deduct in 2024. Current law The Tax Cuts and Jobs Act eliminated deductions for most business-related entertainment expenses. That means, for example, that […]
deductions, entertainment, meals
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Tax Planning

Get tax breaks for energy-saving purchases this year because they may disappear 

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November 19, 2024
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The Inflation Reduction Act (IRA), enacted in 2022, created several tax credits aimed at promoting clean energy. You may want to take advantage of them before it’s too late. On the campaign trail, President-Elect Donald Trump pledged to “terminate” the law and “rescind all unspent funds.” Rescinding all or part of the law would require action […]
energy, savings, tax
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Tax Planning

Unlocking the mystery of taxes on employer-issued nonqualified stock options

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November 15, 2024
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Employee stock options remain a potentially valuable asset for employees who receive them. For example, many Silicon Valley millionaires got rich (or semi-rich) from exercising stock options when they worked for start-up companies or fast-growing enterprises. We’ll explain what you need to know about the federal income and employment tax rules for employer-issued nonqualified stock […]
mystery, options, stock, taxes
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