The holidays are a time for gratitude, and many employers show appreciation by giving gifts to their staff. Different types of gifts can have different tax consequences. So whether it’s a gift card, a holiday turkey or a year-end bonus, it’s important to know how the IRS will treat the gift. “Achievement awards” are deductible […]
What Are the Tax Consequences of Employee Gifts? Read More »
Remote work can offer advantages for both employers and employees. But it’s not without challenges, such as unexpected tax consequences. State Tax Issues for Employees Remote work allows employees to live in one state and work for an employer in another, which can create complex tax issues. Each state has the right to tax people
The Tax Implications of Remote Work Read More »
For income tax purposes, a business loss generally occurs when a business’s deductions for the year exceed its revenue. Any business, whether new or established, can face losses. Fortunately, the net operating loss (NOL) deduction can turn the pain of a loss this year into tax savings for next year and, perhaps, beyond. How to
NOL Deductions Can Ease the Pain of Business Losses Read More »
Generally, except for home mortgage interest, personal interest expense isn’t deductible for federal income tax purposes. With the passage of the legislation commonly known as the One Big Beautiful Bill Act (OBBBA), another exception has been added. That is, you might be able to deduct your car loan interest. But various rules and limits apply.
How Does the New Tax Deduction for Car Loan Interest Work? Read More »
Office Closure Notice: Our office will be closed from Friday, June 26th through Monday, July 6th for office refurbishment and a mid-year break. We will resume operations on Tuesday, July 7th and be available by phone and email; however, our office will remain closed to client visits through Monday, July 13th.