Tax Planning

Digital assets and taxes: What you need to know

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May 28, 2025
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As the use of digital assets like cryptocurrencies continues to grow, so does the IRS’s scrutiny of how taxpayers report these transactions on their federal income tax returns. The IRS has flagged this area as a key focus. To help you stay compliant and avoid tax-related complications, here are the basics of digital asset reporting. […]
#CryptocurrencyReporting, #CryptoTax, #DigitalAssets, #IRSCompliance
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Tax Planning

Corporate business owners: Is your salary reasonable in the eyes of the IRS?

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May 5, 2025
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Determining “reasonable compensation” is a critical issue for owners of C corporations and S corporations. If the IRS believes an owner’s compensation is unreasonably high or low, it may disallow certain deductions or reclassify payments, potentially leading to penalties, back taxes and interest. But by proactively following certain steps, owners can help ensure their compensation is seen […]
#BusinessTax, #IRSCompliance, #SmallBusinessTips, #TaxPlanning
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Tax Credits

How a business owner’s home office can result in tax deductions

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February 24, 2025
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As a business owner, you may be eligible to claim home office tax deductions that will reduce your taxable income. However, it’s crucial to understand the IRS rules to ensure compliance and avoid potential IRS audit risks. There are two methods for claiming this tax break: the actual expense method and the simplified method. Here […]
#HomeOfficeDeductions, #IRSCompliance, #SmallBusinessTips, #TaxSavings
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