A person who can legally bind the corporation, known as a Designated Official (DO), can now access BTA on behalf of their S corporation or C corporation. New features also include tax return, tax account and entity transcripts for the current tax year and some previous tax years, with some transcripts now available in Spanish. With theContinue reading “Business Tax Account”
Tag Archives: finance
Tax Relief for American Families and Workers Act of 2024
Tax Changes for Individuals Calculation of Refundable Credit on a Per-Child Basis. —Effective for tax years 2023, 2024, and 2025, this provision modifies the calculation of the maximum refundable credit amount by providing that taxpayers first multiply their earned income (in excess of $2,500) by 15 percent, and then multiply that amount by the numberContinue reading “Tax Relief for American Families and Workers Act of 2024”
Can I write off my business car or truck?
If you use your car only for business purposes, you may deduct its entire cost of ownership and operation (subject to limits discussed later). However, if you use the car for both business and personal purposes, you may deduct only the cost of its business use. You can generally figure the amount of your deductibleContinue reading “Can I write off my business car or truck?”
What is the “SALT cap”?
Generally, you may take an itemized deduction, subject to limitations, for certain state, local, and foreign taxes you pay even if you did not pay the tax while in a trade or business or while carrying on a for-profit activity. You deduct the tax in the taxable year you pay them. The categories of deductibleContinue reading “What is the “SALT cap”?”
What can I deduct for meals and entertainment?
Enhanced business meal deduction For 2021 and 2022 only, businesses can generally deduct the full cost of business-related food and beverages purchased from a restaurant. Otherwise, the limit is usually 50% of the cost of the meal. To qualify for the higher limit, the business owner or an employee of the business must be presentContinue reading “What can I deduct for meals and entertainment?”
What does it mean “it is a writeoff”?
What Can I Deduct? To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your industry. A necessary expense is one that is helpful and appropriate for your trade or business. An expense does not have to be indispensable to be consideredContinue reading “What does it mean “it is a writeoff”?”
What is a 1099-K and why should I care?
Be On The Lookout: The IRS is planning for a threshold of $5,000 for tax year 2024 Who gets Form 1099-K If you take direct payment by credit or bank card for selling goods or providing services – If your customers or clients pay you directly by credit, debit or gift card, you’ll get aContinue reading “What is a 1099-K and why should I care?”
Donovan Niles 