Computer Software Costs: How Does Your Business Deduct Them?

These days, most businesses buy or lease computer software to use in their operations. Or perhaps your business develops computer software to use in your products or services or sells or leases software to others. In any of these situations, you should be aware of the complex rules that determine the tax treatment of the expenses of buying, leasing or developing computer software.

What Pricing Model Fits Your Business?

Determining prices for products and services is a very important decision for any business. Post pandemic, because of inflation, pricing a product or service appropriately has become even more critical.

Is your business closing? Here are your final tax responsibilities

Businesses shut down for many reasons. Some of the reasons that businesses shutter their doors:

Key Thresholds in Federal Estate & Gift Tax and Massachusetts Estate Tax

The United States has taxed the estates of decedents since 1916, and gifts since 1924, with tax rates and exemption levels that have varied greatly over the last two decades. Massachusetts is one of several states in the country that has a state estate tax. Among those states, Massachusetts is one of two states with the lowest estate value that is subject to tax.

Massachusetts Approves Millionaires Tax: What It Means for Taxpayers

During this week’s midterm election, Massachusetts voters approved Question 1 – an amendment to the state’s constitution that will increase taxes for the commonwealth’s wealthiest residents.

2023 Limits For Businesses That Have HSAs — or Want To Establish Them

No one needs to remind business owners that the cost of employee health care benefits keeps going up. One way to provide some of these benefits is through an employer-sponsored Health Savings Account (HSA). For eligible individuals, an HSA offers a tax-advantaged way to set aside funds (or have their employers do so) to meet future medical needs. Here are the key tax benefits:

9 Key Impacts of the Inflation Reduction Act

In August, President Joe Biden signed the Inflation Reduction Act of 2022 into law. While the legislation is focused primarily on fighting climate change and making health care and prescription drugs more affordable, it also has some significant tax impacts.

Providing Fringe Benefits To Employees With No Tax Strings Attached

Businesses can provide benefits to employees that don’t cost them much or anything at all. However, in some cases, employees may have to pay tax on the value of these benefits.

FAFSA: Everything You Need to Know

For many families, financial aid programs help make higher education attainable. The first step in applying for aid is to complete the Free Application for Federal Student Aid (FAFSA). It is used to determine the student’s eligibility for federal aid programs, such as grants, work-study options, and loans. Schools also use the FAFSA to assess whether additional aid is available from the applicant’s state of residence and from the school itself.

What Local Transportation Costs Can Your Business Deduct?

You and your small business are likely to incur a variety of local transportation costs each year. There are various tax implications for these expenses.