Recordkeeping DOs and DON’Ts for business meal and vehicle expenses
If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have...
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- Jun 10, 2021
- 2 min
Plan ahead for the 3.8% Net Investment Income Tax
High-income taxpayers face a 3.8% net investment income tax (NIIT) that’s imposed in addition to regular income tax. Fortunately, there...
- Jun 8, 2021
- 2 min
The IRS has announced 2022 amounts for Health Savings Accounts
The IRS recently released guidance providing the 2022 inflation-adjusted amounts for Health Savings Accounts (HSAs). Fundamentals of HSAs...
- Jun 3, 2021
- 2 min
Many parents will receive advance tax credit payments beginning July 15
Eligible parents will soon begin receiving payments from the federal government. The IRS announced that the 2021 advance child tax credit...
- Jun 1, 2021
- 2 min
An S corporation could cut your self-employment tax
If your business is organized as a sole proprietorship or as a wholly-owned limited liability company (LLC), you’re subject to both...
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