Getting a letter from the IRS that your tax return is being audited may strike fear into the hearts of business owners. But the more you know about IRS audits, the better you can fare.
The tax rules for treating computer software costs can be complex. Here’s a basic explanation.
If you’re fortunate to have cashed in some investment gains in 2020, you may be looking for unrealized losses in your portfolio to offset your gains. Selling losing stock may reduce your 2020 tax liability. But be aware of the “wash sale” rule.
Health Savings Accounts offer a way to set aside money on a pre-tax basis to pay for qualified medical expenses. Here’s a review at what an HSA could mean for your business, as well as the relevant inflation-adjusted amounts for 2020 and 2021.
Some taxpayers may be able to achieve significant savings with the QBI deduction by taking certain steps at year end.
