Are You Eligible for a Medical Expense Tax Deduction?
You may pay out a bundle in out-of-pocket medical costs each year. But can you deduct them on your tax return? It’s possible but not easy. Medical expenses can be claimed as a deduction only [...]
Defer Tax with a Like-Kind Exchange
Do you want to sell commercial or investment real estate that has appreciated significantly? One way to defer a tax bill on the gain is with a Section 1031 “like-kind” exchange where you exchange the [...]
California Tax Updates for 1/7
Update 1: Employers in California should know the state Employment Development Dept. released CA’s 2022 interest rates on delinquent payroll taxes. For the period of Jan. 1, 2022, through June 30, 2022, the interest rate [...]
Commission Fraud: When Salespeople Get Paid More Than They’ve Earned
Many employees — from retail workers to sales staffers involved in complex business-to-business transactions — receive part of their compensation from sales-related commissions. To attract and retain top talent, some companies even allow employees to [...]
Gig Workers Should Understand Their Tax Obligations
The number of people engaged in the “gig” or sharing economy has grown in recent years. In an August 2021 survey, the Pew Research Center found that 16% of Americans have earned money at some [...]
Will the Standard Business Mileage Rate Go Up in 2022? Yes!
After two years of no increases, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2022 by 2.5 cents per mile. The [...]
There’s a Deduction For Student Loan Interest … But Do You Qualify For It?
If you’re paying back college loans for yourself or your children, you may wonder if you can deduct the interest you pay on the loans. The answer is yes, subject to certain limits. The maximum [...]
2022 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply [...]
Providing a Company Car? Here’s How Taxes are Handled
The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This perk results in tax deductions for the employer as well as tax breaks for the owners [...]
The Tax Implications of Owning a Corporate Aircraft
If your business is successful and you do a lot of business travel, you may have considered buying a corporate aircraft. Of course, there are tax and non-tax implications for aircraft ownership. Let’s look at [...]