Nearly half of the states (including Pennsylvania) and the District of Columbia have legalized the sale of marijuana. Mostly for medicinal purposes, but a few states have permitted it for recreational use. Unfortunately, these states have caused business owners some trouble and confusion at the federal level. Under federal law, marijuana is still considered an [...]
We're back! We made it through another tax season and are happy to be back to posting on a more regular basis. We talk with a lot of our small business owner clients about the different rules and regulations of being a Subchapter S Corporation (S Corp), but it's about time we post something too! [...]
Even though tax preparation season doesn't start until January or February, tax planning season is well under way. If you are a business owner, there are a couple items that need to be completed before December 31. Health Insurance W-2 Reporting If you are an S Corporation owner, and if your S Corporation provides and pays for your [...]
When taxpayers have high W-2 earnings (in excess of $150,000 for example) coupled with large losses from self-employment activities, it's like waving a big "Audit Me" sign! The IRS' rationale for scrutinizing a tax return with these conditions is that if the taxpayer has substantial income unrelated to the self-employment activity, the taxpayer is more [...]
Questions: Do you take Customers and prospective Customers on weekend trips to help build your business? Can you deduct the expense related to these trips from your taxable income? Short Answer: Yes - the expenses related to these trips are a valid tax deduction. If you keep good records that prove the trips are related [...]
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