Employer Provided Benefits
An employer can provide many different forms of medical coverage benefits to its employees. Some are tax advantageous for the employee, while other plans are required to be included as income.
Withholding Federal and State Tax For Employees
Withholding is the method the government developed to help Americans prepay their tax bills.
Business Automobiles—Lease vs. Buy
If your business needs an automobile, you need to consider the tax consequences of buying or leasing the vehicle.
Employee Stock Purchase Plans (ESPP)
An employee stock purchase plan (ESPP) is a plan that allows a company to compensate a broad group of employees with options to buy the company’s stock at a specified price, usually at a discount. Many large companies use these plans as an employment incentive, giving employees an opportunity to share in the growth potential of the company’s stock. Generally, the employee is not taxed at the time the stock is purchased.
Mortgage Refinance Fees that are Deductible
If you’ve been lucky enough to lock in one of the historically low mortgage rates through refinancing, you should know some of the refinancing costs are tax deductible.
Check 21—Proving Tax Deductions without Canceled Checks
You haven’t received cancelled checks with your monthly bank statement since 2004, so how do you prove an expense to the IRS?
Bonus Plans
A year-end bonus sounds like a good idea, but is it in the best interest for your employees and company?
Early Withdrawals from Your IRA
Although you may withdraw money from an IRA at any time, these funds are intended for retirement. To encourage you not to touch this money until you retire, the IRS imposes penalties for early withdrawals.
Club Dues and Meal and Entertainment Expenses—Some are Deductible, Many are Not
Generally, club dues are not a deductible expense, but depending on the circumstances, a business meal at the club might be.
Final Tax Returns for Decedents
Even in death, you cannot escape taxes. Even after you have passed, your surviving spouse or estate need to file your final personal tax return.