2 ways spouse-owned businesses can reduce their self-employment tax bill If you own a profitable, unincorporated business with your spouse, you probably find the high self-employment (SE) tax bills burdensome. An unincorporated business in which both spouses are active is typically treated by the IRS as a partnership owned 50/50 by the spouses. (For simplicity, […]
News
Baton Rouge, La Certified Public Accountant Tax Accountant 401k
Why you should boost your 401(k) contribution rate between now and year end One important step to both reducing taxes and saving for retirement is to contribute to a tax-advantaged retirement plan. If your employer offers a 401(k) plan, contributing to that is likely your best first step. If you’re not already contributing the maximum […]
Should your business use per diem rates for travel reimbursement?
Should your business use per diem rates for travel reimbursement? Updated travel per diem rates go into effect October 1. To simplify recordkeeping, they can be used for reimbursement of ordinary and normal business expenses incurred while employees travel away from home. Per diem advantages As long as employees properly account for their business-travel expenses, […]
Save more for college through the tax advantages of a 529 savings plan
Save more for college through the tax advantages of a 529 savings plan With kids back in school, it’s a good time for parents (and grandparents) to think about college funding. One option, which can be especially beneficial if the children in question still have many years until they’ll be starting their higher education, is […]
Watch out for potential tax pitfalls of donating real estate to charity
Watch out for potential tax pitfalls of donating real estate to charity Charitable giving allows you to help an organization you care about and, in most cases, enjoy a valuable income tax deduction. If you’re considering a large gift, a noncash donation such as appreciated real estate can provide additional benefits. For example, if you’ve […]
Tax planning critical when buying a business
Tax planning critical when buying a business If you acquire a company, your to-do list will be long, which means you can’t devote all of your time to the deal’s potential tax implications. However, if you neglect tax issues during the negotiation process, the negative consequences can be serious. To improve the odds of a […]
