Business

When you convert your vacation into a business trip, your transportation expenses suddenly become deductible. And when you travel for business, you deduct the expenses. Think of the tax deduction as a travel discount. The size of the discount depends on your tax bracket. That could amount to 30,...

For over 20 years, the IRS has released a series of notices identifying tax scams and avoidance schemes, which the agency calls the “Dirty Dozen” (an apparent reference to the classic 1967 World War II movie starring Lee Marvin and Jim Brown). Is the IRS Dirty Dozen just an...

Understanding Statute of Limitations on Tax Audits Nobody wants to spend their whole life looking over their shoulder, wondering if the IRS is going to audit them. Luckily, there is a statute of limitations on IRS audits and tax assessments. This time period is called the...

Unlock Start-Up Expense Savings Interested in becoming a commercial or residential landlord? You’ll likely have to shell out plenty of money before you ever collect a dime in rent. But the good news is that some expenses that you would otherwise think of...

Introduction Taxation is an integral part of any functioning society, and in the United States, the Internal Revenue Service (IRS) is responsible for managing and enforcing tax laws. Understanding common tax issues and their resolution is crucial for every taxpayer to successfully navigate the complex world of taxes. This...

Introduction Tax resolutions are a vital aspect of personal finance that demands attention and comprehension. Many individuals find themselves overwhelmed by the complexities of tax obligations and often need help understanding the significance of tax resolutions. However, acquiring knowledge in this domain is crucial for maintaining financial stability, avoiding...

Introduction to Small Business Finances Importance of Managing Finances Effectively Managing finances effectively is crucial for the success and survival of any small business. Proper financial management clearly understands the company's financial health and enables informed decision-making.  Maintaining a strong grasp of...

If you’re trying to decide between leasing and buying your next business vehicle, one question is probably foremost in your mind: Which option costs less? Unfortunately, comparing leasing and buying costs isn’t as simple as it looks. To do it right, you must...

If you sell goods and services and are paid through a third-party settlement organization (TPSO), such as PayPal, the IRS changed the likelihood of your receiving a 1099-K. Here’s what you need to know about IRS Form 1099-K. What Is Form 1099-K?

The Corporate Transparency Act (CTA) became effective on January 1, 2024. The law will create a massive government database containing the identities and contact information of defined small corporations and LLC “beneficial owners.” The beneficial owners are the humans who own the entity or exercise substantial control over it.