Whether you’re operating a new company or an established business, losses can happen. The federal tax code may help soften the blow by allowing businesses… Read More »Emil @ CPA Daytraders wrote: Use the tax code to make business losses less painful
If you itemize deductions on your tax return, you may wonder: What medical expenses can I include? The IRS recently issued some frequently asked questions… Read More »Emil @ CPA Daytraders: The IRS clarifies what counts as qualified medical expenses
The IRS has historically considered construction a high-risk compliance industry because of its potential for cash transactions, underreported income and worker misclassification. What’s more, as… Read More »Emil @ CPA Daytraders explain how construction business owners can prepare for an IRS audit
One popular fringe benefit is an education assistance program that allows employees to continue learning and perhaps earn a degree with financial assistance from their… Read More »Emil @ CPA Daytraders explain how to education benefits help attract, retain and motivate your employees
If you’re a crypto investor or user, you may have noticed something new on your tax return this year. And you may soon notice a… Read More »Emil @ CPA Daytraders: Tax news for investors and users of cryptocurrency
If you’re the owner of an incorporated business, you know there’s a tax advantage to taking money out of a C corporation as compensation rather… Read More »Emil @ CPA Daytraders wrote: 4 ways corporate business owners can help ensure their compensation is “reasonable”
A common question for people planning their estates or inheriting property is: For tax purposes, what’s the “cost” (or “basis”) an individual gets in property… Read More »Emil @ CPA Daytraders: There’s a favorable “stepped-up basis” if you inherit property
If your business occupies substantial space and needs to increase or move from that space in the future, you should keep the rehabilitation tax credit… Read More »Emil @ CPA Daytraders tips – Take advantage of the rehabilitation tax credit when altering or adding to business space
Once you file your 2022 tax return, you may wonder what personal tax papers you can throw away and how long you should retain certain… Read More »Emil @ CPA Daytraders: Paperwork you can toss after filing your tax return
The federal fuel tax credit recently made the news when it was referenced on the IRS’s most recent “Dirty Dozen” list of tax scams. However,… Read More »Emil @ CPA Daytraders wrote: Your construction company may be able to claim the fuel tax credit
If you’re thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and administrative burdens involved,… Read More »CPA Daytraders – Retirement saving options for your small business: Keep it simple
If you’re an art collector, you may wonder about the tax breaks available for donating a work of art to charity. Several different tax rules… Read More »Emil @ CPA Daytraders: The tax rules for donating artwork to charity