Tag Archives: tax season

Perfectly Legitimate Business Expenses You Can’t Deduct | Small Business Trends

You may incur certain costs for your company that make good business sense. Unfortunately, the tax law doesn’t view them all as write-offs.

Check out this list of business expenses that remain non-deductible (in whole or in part) these expenses on your 2019 tax return.

NOTE: This article has been specially updated for the 2019/2020 tax season.

Non-Deductible Business Expenses

Additional Medicare taxes. You pay 0.9% additional Medicare tax on net earnings from self-employment or employee wages (if your income is high enough.) You also pay the 3.8% net investment income tax on income from investments. That includes income from a business in which you don’t participate on a day-to-day basis. Again you pay these if your income is high enough. They remain personal taxes that are nondeductible.

Read More

Small Businesses Must Think About Taxes All Year Long | Business

Fold tax planning into your overall business strategy to efficiently tackle your taxes.

For many small businesses, tax season is a grueling time of year. It’s often associated with stress, record-combing and exhaustion. This is one of the key reasons why small businesses should be thinking about their taxes year-round and prepare long before it comes time to file. By folding tax planning into your overall business strategy, small business owners can tackle their taxes far more effectively (and may even end up with bigger deductions than they anticipated!). Here are some of the best tips for keeping taxes a priority for your small business 365 days a year.

Read More

The Smart Way to Pay Taxes on Retirement Savings | Inc.com

Tax season is complicated enough without your having to worry about retirement planning. But if you want to maximize your future spending money, this is exactly the right time to review the taxes you’re paying–or not paying–on what you’re saving.

Just ask Phil Holthouse, co-founder of Los Angeles accounting firm Holthouse Carlin & Van Trigt. You should never “let the tax tail wag the investment dog,” he says, but that doesn’t mean you should ignore the issue, either. “No one wants to pay more than the law requires, but a lot of people do,” he says.

Structuring your retirement accounts with taxes in mind can land you hundreds of thousands of dollars more in spending power. And it can ensure that you have the right amount of money at the right point in your retirement

Read More

Small Business Taxes 2015: Everything You Need to Know | Business News Daily

Following the most wonderful time of the year is a season that strikes fear in the hearts of many small business owners: tax time.

Shelling out a substantial percentage of the year’s income is stressful enough, but tax season also brings with it a great deal of complexity and confusion. Tax laws are constantly changing and being revised, and it can be difficult for small business owners to keep up. And what adds even more stress to tax filing is that even innocent mistakes or oversights can lead to big penalties.

Read More.