Tax season is here, and if you’re preparing to file your 2024 return, you’ll want to be aware of recent tax law changes that could impact how much you owe or how much you get back in refunds. From adjustments in tax brackets to changes in deductions and credits, here’s a breakdown of key updates to consider when filing this year.
As tax season approaches, many small business owners are leaving money on the table by overlooking valuable deductions. Staying informed about tax law changes and exploring lesser-known breaks can significantly reduce your taxable income. Here are some often-overlooked deductions to help you keep more of your hard-earned money:
No one wants to face an IRS audit, yet certain mistakes during tax season can increase your chances of being flagged. Here are five common missteps to avoid:
Missing key tax deadlines can lead to penalties and cash flow headaches. Stay ahead by understanding important dates and implementing smart filing strategies. Here’s what every business owner should know:
The nationwide price of gas is slightly higher than it was a year ago and the 2025 optional standard mileage rate used to calculate the deductible cost of operating an automobile for business has also gone up. The IRS recently announced that the 2025 cents-per-mile rate for the business use of a car, van, pickup or panel truck is 70 cents. In 2024, the business cents-per-mile rate was 67 cents per mile. This rate applies to gasoline and diesel-powered vehicles as well as electric and hybrid-electric vehicles.
According to the U.S. Bureau of Labor Statistics, the unemployment rate continues to be historically low, ranging from 4.0% to 4.3% from May to November of 2024. With today’s hiring challenges, business owners should be aware that the Work Opportunity Tax Credit (WOTC) is available to employers that hire workers from targeted groups who face significant barriers to employment. The tax credit is generally worth as much as $2,400 for each eligible employee (higher for certain veterans and “long-term family assistance recipients”). It’s generally limited to eligible employees who begin working for the employer before January 1, 2026.
Intangible assets, such as patents, trademarks, copyrights and goodwill, play a crucial role in today’s businesses. The tax treatment of these assets can be complex, but businesses need to understand the issues involved. Here are some answers to frequently asked questions.
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As the end of the year approaches, it’s time to start planning for preparing and filing your 1099s. Properly filing your 1099s helps you stay compliant with IRS requirements, avoid penalties, and ensures smooth operations during tax season. |
The upcoming presidential and congressional elections may significantly alter the tax landscape for businesses in the United States. The reason has to do with a tax law that’s scheduled to expire, and how politicians in Washington would like to handle it.
If you own a closely held corporation, you can borrow funds from your business at rates that are lower than those charged by a bank. But it’s important to avoid certain risks and charge an adequate interest rate.
