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: taxes
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 mortgage interest and other expenses on my vacation home?
Mortgage interest paid on a second residence used personally is deductible as long as the mortgage satisfies the same requirements for deductible interest as on a primary residence. If the home was acquired on or before December 15, 2017, then the total amount you (or your spouse if married filing a joint return) can treatContinue reading “Can I write off my mortgage interest and other expenses on my vacation home?”
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?”
Can I take a home office deduction?
Home office deduction With a growing number of business owners now working from home, many may qualify for the home office deduction, also known as the deduction for business use of a home. Usually, a business owner must use a room or other identifiable portion of the home exclusively for business on a regular basis.Continue reading “Can I take a home office deduction?”
Can I write off tax-free wages paid to my child?
One of the advantages of operating your own business is hiring family members. However, employment tax requirements for family employees may vary from those that apply to other employees. The following information may assist you with pointing out some differences to consider. Children employed by their parents If the business is a parent’s sole proprietorshipContinue reading “Can I write off tax-free wages paid to my child? “
Checklist for tax season for personal/individuals
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 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 