2024 Tax Season Questions and Answers
The IRS has announced that they will begin accepting and processing 2023 tax return on January 29. With this in mind, here are some tax season questions and answers that
What Is The Emergency Savings Account Employee Benefit?
The emergency savings account employee benefit is part of the SECURE 2.0 law geared towards employees facing emergencies. The actual name of this account is called pension-linked emergency savings (PLESA).
The Difference Between Accounting and Bookkeeping
When most people think about the difference between accounting and bookkeeping, they are confused about the distinction between each process. Although accountants and bookkeepers share similarities, they are used in
Do You Pay Taxes When You Sell Your House?
Buying and selling a house is a momentous occasion in a person’s life. Unfortunately, not everyone will experience such an occasion. It’s a big step going through the process of
Claiming Medical Expenses As A Tax Deduction
Many of us make new year resolutions to take better care of our health. But considering the high prices of food and everything else these days, medical costs are not
Electric Vehicle Tax Credit For Businesses
Many small business owners are seeking ways to embrace more sustainable operations. And if they can lower their tax bill simultaneously, that’s a win-win. And that’s exactly what the recently
2024 Small Business Loan Forgiveness Deadline
The Small Business Administration is providing a loan forgiveness deadline for Disaster Loan (EIDL) and Paycheck Protection Program (PPP) loans. The forgiveness applies to loans under $100,000 in an effort
What Is IRS Form 8995, Qualified Business Income Deduction?
For small business owners, your 20% savings is just one form away. Qualifying small business owners who complete IRS tax Form 8995 can claim the qualified business income deduction (QBID).
Ways To Incorporate Your Business In The USA
Whether you’ve had a business for a while or thinking about starting one, it’s a good idea to make it official. Regardless the reason, there are several ways to incorporate
Meals and Entertainment Deductions In 2024
It can be a bit confusing when it comes to writing off meals and entertainment deductions for your small business in 2024. Getting acquainted with what used to be 100