Whether you’re operating a new company or an established business, losses can happen. The federal tax code may help soften the blow by allowing businesses to apply losses to offset taxable income in future years, subject to certain limitations.
Kyle Grossi
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Many people began working from home during the COVID-19 pandemic — and many still work from their home offices either full-time or on a hybrid basis. If you’re self-employed and run your business from home or perform certain functions there, you might be able to claim deductions for home office expenses against your business income. There are two methods for claiming this tax break: the actual expense method and the simplified method.
If you’re launching a new business venture, you’re probably wondering which form of business is most suitable. Here is a summary of the major advantages and disadvantages of doing business as a C corporation.
Does your business need real estate to conduct operations? Or does it otherwise hold property and put the title in the name of the business? You may want to rethink this approach. Any short-term benefits may be outweighed by the tax, liability and estate planning advantages of separating real estate ownership from the business.
Sadly, many businesses have been forced to shut down recently due to the pandemic and the economy. If this is your situation, there are several tax responsibilities that must be addressed.
Operating as an S corporation may help reduce federal employment taxes for small businesses in the right circumstances. Although S corporations may provide tax advantages over C corporations, there are some potentially costly tax issues that you should assess before making a decision to switch.
Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022. Here’s a rundown of those that may be important to you and your business.
Every year, the IRS publishes a list of the latest, most prevalent tax scams. This list, called the Dirty Dozen, serves as a warning to taxpayers, tax professionals and financial institutions, and the IRS urges everyone to remain vigilant in protecting themselves against these and other tax scams.
