by Joan Buchman Miller | May 12, 2025 | Accounting, tax planning
Can you turn business losses into tax relief? Even well-run companies experience down years. The federal tax code may allow a bright strategy to lighten the impact. Certain losses, within limits, may be used to reduce taxable income in later years. Who qualifies? The...
by Joan Buchman Miller | Mar 12, 2025 | Accounting, S Corporation, tax planning
Are you starting a business with partners and deciding on the right entity? An S corporation might be the best choice for your new venture. One benefit of an S corporation One major advantage of an S corporation over a partnership is that shareholders aren’t...
by Joan Buchman Miller | Mar 5, 2025 | Accounting, tax planning
Prior to the enactment of the Tax Cuts and Jobs Act (TCJA), businesses were able to claim a tax deduction for most business-related interest expense. The TCJA created Section 163(j), which generally limits deductions of business interest, with certain exceptions. If...
by Joan Buchman Miller | Feb 25, 2025 | Accounting, tax planning
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...
by Joan Buchman Miller | Feb 18, 2025 | Accounting, tax planning
If an individual taxpayer has substantial business losses, unfavorable federal income tax rules can potentially come into play. Here’s what you need to know as you assess your 2024 tax situation. Disallowance rule The tax rules can get complicated if your business or...
by Joan Buchman Miller | Feb 3, 2025 | Accounting, tax planning
A variety of tax-related limits that affect businesses are indexed annually based on inflation. Many have increased for 2025, but with inflation cooling, the increases aren’t as great as they have been in the last few years. Here are some amounts that may affect you...
