If you play a major role in a closely held corporation, you may sometimes spend money on corporate expenses personally. These costs may end up… Read More »Corporate officers or shareholders: How should you treat expenses paid personally?
If you own an unincorporated small business, you probably don’t like the size of your self-employment (SE) tax bills. No wonder! For 2023, the SE… Read More »Use an S corporation to mitigate federal employment tax bills
“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. The scams may come in through… Read More »Emil @ CPA Daytraders wrote – That email or text from the IRS: It’s a scam!
In the construction industry, supply-chain challenges are nothing new. They’ve just gotten much more media attention over the last few years. Increased globalization, a pandemic… Read More »Emil @ CPA Daytraders gives you 3 big inventory issues for construction companies
The U.S. Department of Labor (DOL) recently announced that a jury in a landmark case, Walsh v. East Penn Manufacturing Co, Inc., DC-PA, has awarded… Read More »Daytraders CPA: Jury awards more than $22 million in back pay to manufacturing employees
The IRS recently released its audit statistics for the 2022 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But… Read More »Daytraders CPA: The best way to survive an IRS audit is to prepare
If you own or manage a business with employees, there’s a harsh tax penalty that you could be at risk for paying personally. The Trust… Read More »Daytraders CPA>The Trust Fund Recovery Penalty: Who can it be personally assessed against?
When one spouse in a married couple is not earning compensation, the couple may not be able to save as much as they need for… Read More »Are you married and not earning compensation? You may be able to put money in an IRA
Construction business owners are regularly urged to buy the latest and greatest software. But no such tool is perfect. Off-the-shelf products don’t always provide the… Read More »Daytraders CPA>Should your construction business invest in custom software?
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2023. Keep in mind that this list… Read More »2023 Q3 tax calendar by Daytraders CPA: Key deadlines for businesses and other employers
If you’re age 65 and older and have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you… Read More »Daytraders CPA: When can seniors deduct Medicare premiums on their tax returns?
Your business may be able to claim big first-year depreciation tax deductions for eligible real estate expenditures rather than depreciate them over several years. But… Read More »CPA Daytraders: Advantages and disadvantages of claiming big first-year real estate depreciation deductions