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Douglas Freeman

Does your business have employees who get tips? You may qualify for a tax credit

Federal Tax Credit, FICA, Restaurant Owners, Small Business Tax Tips, Small Business Tips, Uncategorized /

If you’re an employer with a business where tipping is routine when providing food and beverages, you may qualify for a federal tax credit involving the Social Security and Medicare (FICA) taxes that you pay on your employees’ tip income. Credit fundamentals. The FICA credit applies to tips that your staff members receive from customers […]

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It’s possible (but not easy) to claim a medical expense tax deduction

Federal Taxes, Itemized Deduction, Medical Deductions, Medical Expenses, Qualified Medical Expenses /

One of your New Year’s resolutions may be to pay more attention to your health. Of course, that may cost you. Can you deduct your out-of-pocket medical costs on your tax return? It depends. Many expenses are tax deductible, but there are several requirements and limitations that make it difficult for many taxpayers to actually

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Defer a current tax bill with a like-kind exchange

Federal Taxes, Like-kind Exchange of Property, Real Estate, Small Business, Small Business Owners, Small Business Tax Tips /

If you’re interested in selling commercial or investment real estate that has appreciated significantly, one way to defer a tax bill on the gain is with a Section 1031 “like-kind” exchange. With this transaction, you exchange the property rather than sell it. Although the real estate market has been tough recently in some locations, there

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The standard business mileage rate will be going up slightly in 2024

Business Mileage, Small Business, Small Business Owners, Small Business Tips, Standard Business Mileage Rate, Vechicle /

The optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up by 1.5 cents per mile in 2024. The IRS recently announced that the cents-per-mile rate for the business use of a car, van, pickup or panel truck will be 67 cents (up from 65.5

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Don’t overlook taxes when contemplating a move to another state

Estate Tax, Federal Income Tax, Federal Taxes, Income Tax, Individual Income Tax, Local Taxes, Taxes 2023 /

When you retire, you may think about moving to another state — perhaps because the weather is more temperate or because you want to be closer to family members. Don’t forget to factor state and local taxes into the equation. Establishing residency for state tax purposes may be more complex than you think. Pinpoint all

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Court awards and out-of-court settlements may (or may not) be taxed

(ADEA) Age Discrimination in Employment Act, Court Settlements, Federal Taxes, Tax, Taxes on Monetary Awards and Settlements /

Monetary awards and settlements are often provided for an array of reasons. For example, a person could receive compensatory and punitive damage payments for personal injury, discrimination or harassment. Some of this money is taxed by the federal government, and perhaps by state governments. Hopefully, you’ll never need to know how payments for personal injuries

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Reinvigorating your company’s sales efforts heading into the new year

Customers, Employees, Fringe Benefits For Employees, Sales, Small Business, Small Business Tips /

Business owners, with the year just about over, you and your leadership team presumably have a pretty good idea of where you want your company to go in 2024. The question is: Can you get there? When it comes to success, the driving force behind most businesses is sales. If products or services aren’t moving

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2024 Q1 tax calendar: Key deadlines for businesses and other employers

2024 Tax Calendar, Federal Taxes, Small Business, Small Business Owners, Small Business Tax Tips, Taxes 2024 /

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. If you have questions about filing requirements, contact us. We can ensure you’re meeting all applicable deadlines.

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How businesses can get better at data capture

Data Analytics, Small Business, Small Business Tips /

It would be hard to argue against the notion that almost every kind of business today is data-driven. Without the information you need to run your company — be it financial metrics, marketing demographics or productivity measures — you’d probably fall behind the competition, and fast. For this very reason, “data capture” has become a

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The “nanny tax” must be paid for nannies and other household workers

Federal Income Tax, Federal Unemployment (FUTA Tax, FICA, Nanny Tax, Social Security & Medicare (FICA) taxes /

You may have heard of the “nanny tax.” But if you don’t employ a nanny, you may think it doesn’t apply to you. Check again. Hiring a housekeeper, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal income and other taxes. You may also have state tax obligations.

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