It’s not too late! You can still take steps to significantly reduce your business’s 2017 income tax bill and possibly lay the groundwork for tax savings in future years. Here are five year-end tax-saving ideas to consider, along with proposed tax reforms that might affect your tax planning strategies. Juggle Income and Deductible Expenditures If you...

If you’re headed back in the classroom, or thinking about it, you might be wondering if the tuition expenses are tax deductible. To be considered work-related education for business deduction purposes, the training must meet one or both of the following standards: Standard No. 1: The education is expressly required by applicable law or regulations in order...

The Work Opportunity tax credit (WOTC) is a federal income tax credit that’s available to businesses that hire members of certain “targeted” groups. Here’s how your business may be able to benefit from this potentially lucrative tax break. The Basics The WOTC encourages businesses to hire from certain categories of workers who face significant barriers to...

School is back in session. So, it’s time for a refresher on tax breaks for work-related education expenditures. Here’s what individual taxpayers need to know. American Opportunity Credit The American Opportunity credit equals 100% of the first $2,000 of qualified postsecondary education expenses plus 25% of the next $2,000 of qualified education costs (subject to certain...

If you use part of your home as an office and take deductions for related expenses on your annual tax return, can you claim a valuable federal tax break when you sell? Specifically, can you claim the home sale gain exclusion of up to $250,000 for single taxpayers ($500,000 for married couples filing jointly)? In many cases,...

The IRS recently announced special tax relief for leave-based donation programs set up by employers to assist victims of Hurricane Harvey and Tropical Storm Harvey. Basics of Employer Programs Under a leave-based donation program, an employer can allow its employees to forgo their vacation, sick, or personal time off in exchange for cash payments made by...