Skip to content

FAQs about SE Tax

SE tax is the combined Social Security and Medicare taxes that individuals who work for themselves must pay. It can be a major expense for small business owners. Here’s what you need to know so you won’t be blindsided when you file your first tax return with SE income.
Read more

Businesses: It’s Time to Review the New Corporate Transparency Reporting Rules

Your business may have to meet new reporting requirements that took effect on January 1, 2024. Under the Corporate Transparency Act (CTA), which was enacted in 2021, certain companies are required to provide information related to their "beneficial owners"—the individuals who ultimately own or control the company—to the Financial Crimes Enforcement Network (FinCEN). Failure to do so may result in civil or criminal penalties or both.
Read more

Minimizing Tax Planning Challenges for 2023/2024

Minimizing taxes isn’t easy, but in times of legislative and economic uncertainty, it can be a real challenge. To maximize your outcomes, you need be aware of relevant tax law changes that are going into effect – or that have expired, while keeping an eye out for any new tax law changes that might still be signed into law this year.
Read more
Magnifying glass focuses on the word "AUDIT"

10 Red Flags for IRS Audits

Even though the overall IRS audit rate is currently low historically, it’s expected to increase as a result of provisions in the Inflation Reduction Act signed into law in August 2022. So it’s more important than ever for taxpayers to follow the rules to minimize their chances of being subject to an audit. How can you reduce your audit chances? Watch for these 10 red flags that can trigger IRS scrutiny:
Read more
artwork of man balancing on a rising and falling index graph representing a volatile stock market

What a difference six months can make

Those who have money invested in the stock market are well aware of potential volatility. Needless to say, this volatility can affect a person’s net worth. Something many investors might not think about is the potential effect on estate tax liability. Specifically, if the value of stocks or other assets drops precipitously after a person’s death, estate tax could be owed on value that has disappeared. This article details how an executor can ease estate tax liability in this situation by electing to use an alternate valuation date.
Read more
Equipment operator fills fuel tank of a small bulldozer.

Pump up tax savings with the fuel credit

Companies that wish to reduce their tax bills or increase their refunds shouldn’t overlook the fuel tax credit. Many businesses qualify for it and it’s relatively easy to calculate. This article explores the potential savings and how to go about claiming this often-overlooked tax break.
Read more
Interior office - illustrating building improvements and equipment purchases

First-year bonus depreciation and Sec. 179 expensing: Watch out for the pitfalls

Many companies are eligible for tax write-offs for certain equipment purchases and building improvements. These write-offs can do wonders for a business’s cash flow, but whether to claim them isn’t always an easy decision. In some cases, there are advantages to the regular depreciation rules. This article reviews why it’s critical to look at the big picture and develop a strategy that aligns with a company’s overall tax planning objectives.
Read more
A qualified swap of business or investment properties may qualify for a tax break

Section 1031 Exchange: Do you qualify for this tax break on real estate sales?

A Section 1031 exchange (also known as a like-kind exchange) allows commercial or investment real estate owners to avoid capital gains tax when selling the property by swapping qualifying properties. This article notes that recent legislation has cracked down on Sec. 1031 exchanges, but currently it’s still possible to use this technique for qualified real estate transactions. A sidebar explains multiple-party transactions.
Read more
Back To Top