The tax law permits you to deduct home office expenses if you "regularly and exclusively" use an area of your home as either:
In the News
Thursday, October 20, 2022
Most organizations hire a CPA to issue financial statements that conform to U.S. Generally Accepted Accounting Principles (GAAP). But not all financial statements are created equal. Owners can choose from three basic options, in order of decreasing assurance level: audits, reviews and compilations.
Thursday, October 20, 2022
With year end fast approaching, it's time to consider tax planning moves that may lower taxes for the 2022 tax year — and possibly set you up for tax savings in future years as well.
Tuesday, October 4, 2022
A contribution to a charity isn't always a tax-deductible contribution for the donor, as in the case of "quid pro quo" donations. This exchange of one thing for another happens when a charity receives a payment that includes a contribution and, in return, provides the donor with goods or services valued for less than the total payment.
Tuesday, October 4, 2022
Since physicians are the revenue producers of a busy medical practice, there can be a temptation to add doctors to ease patient loads and increase the bottom line. But while bringing on more practitioners can reduce workloads and create economies of scale, it shouldn't be a snap decision.
Tuesday, October 4, 2022
The death of an employee who fell two stories to his death at a Massachusetts construction site might have been prevented if his employer had supplied the required fall protection, according to the Occupational Safety and Health Administration (OSHA).
Tuesday, October 4, 2022
In many manufacturing plants, a parts room occupies considerable space, uses non-value-added staff and takes employees away from their jobs to get the supplies they need. Is there a more-efficient setup? Some plants are switching to satellite stocking programs to be more nimble and cost effective.
Tuesday, October 4, 2022
At the slots or online, remember to keep records.
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Tuesday, October 4, 2022
Recordkeeping for reimbursing business travel expenses can be cumbersome. Instead of reimbursing employees for the actual costs they incur for out-of-town lodging, meals and incidentals, some employers opt to pay fixed travel per diems. These amounts are based on IRS-approved rates that vary by locality. Here's what you'll need to know to determine if this simplified approach is right for your business.
Tuesday, October 4, 2022
Most people already understand the tax rules for individual charitable donations, including generous deductions that may be available to itemizers when they give cash or property to charity. But your business may also reap tax rewards for helping out a qualified charitable organization.
