Giving careful thought to deductions important for business owners

woman using calculator for individual income tax

There are many different tax deductions for small businesses. They can have significant financial benefits for small business owners. So, there may be a temptation for business owners to take as many deductions as they can every tax year. However, it can be important for a company owner to exercise care when it comes to business deductions. For example, there…

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Statistics point to the IRS using a lot of outdated IT

IRS Building in Washington

IT systems play a role in many of the Internal Revenue Service’s actions, functions and processes. However, data suggests that a good portion of the IT systems the agency relies on are out of date. The IRS’s goal is to have obsolete hardware and infrastructure make up no more than a quarter of its overall IT systems. Statistics from a…

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Understanding one’s options important in small business tax matters

man holding Tax Help sign

Understanding what options they have when it comes to tax matters can be very important for small business owners. Having an incomplete picture of such options could cause an owner to inadvertently act in a way not consistent with their financial best interests. One area for which this is the case is deductions and credits. Not being aware of what…

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There are tax credits for higher education expenses

income taxes and credits

Individuals may have many goals related to higher education for themselves and their family. Meeting these goals can have a lot of expenses connected to it, particularly in today’s world where higher education costs can be quite high. So, it can be important to be aware of what sources of financial relief one might have access to in relation to…

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Missouri Supreme Court hears sales tax case involving the Rams

pile of 100 dollar bills

Here in Missouri, among the big tax issues that are present for businesses are sales tax issues. Sometimes, disputes can arise between a business and the state over such taxes. Such disputes can come up for all different sorts of businesses. As a case that is currently before the Missouri Supreme Court illustrates, this includes professional sports teams. The case…

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Retirees and tax mistakes

People in different stages of life can vary quite a bit in what tax issues are present for them. So, each age group can have its own set of tax mistakes it is particularly important to watch out for. Today’s post will be focused on tax mistakes for one particular group: people of retirement age. Some examples of big tax…

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Tax time challenges for businesses

Man holding sign that says "tax help"

Tax season can have its challenges for any type of taxpayer. However, when a taxpayer owns a small business, there is a whole set of added potential headaches they can be facing. Business tax issues have many complex aspects. Given this complexity and other factors, many special challenges can come up for business owners when it comes to tax season.…

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Making early preparations for tax filing

Macro shot of a W2 income tax form

Filing taxes can be a time-consuming process and can have the potential to be a source of a fair amount of stress. So, the upcoming tax season is something that may fill some with a small measure of dread. Now, in this time right before tax season starts in earnest, there are things taxpayers can do to try to make…

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Certain types of employer-provided lodging aren’t taxable income

tax tips written on blackboard

Wages aren’t the only thing a worker can get from their employer. For example, they may also receive certain fringe benefits in connection to their job. How are such benefits treated for tax purposes? Well, fringe benefits generally are taxable income. Thus, they typically are required to be reported as pay by the employer and can expose the recipient employee…

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Selling your home and the capital gains tax

Home For Sale Real Estate Sign in yard of House.

One type of tax debt a person could end up having is a tax debt related to the federal capital gains tax. This is a tax on profits realized from the sale of certain assets. There are many types of asset sales this tax can apply to. Does this include the selling of a home? It is possible for such…

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