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Accounting for the Trucking Industry
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  • Home
  • Firm Profile
    • Accounting Fees
    • Press Releases
      • 2023 Norwalk Business Hall of Fame
      • 2019 Best of Norwalk Award
      • 2014 Best of Norwalk Award
      • Two-Time Award Winner
    • Testimonials
    • Track Record
      • 2015 Peer Review
      • 2012 Peer Review
      • 2011 Peer Review
      • 2009 Peer Review
      • 2008 Peer Review
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  • FAQ
    • Pay Your IRS Bill
    • Six Tips on Gambling Income and Losses
    • The Refund Guru
    • US Commerce Association
    • Incorporating
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    • Strategic Business Planning
    • Small Business Accounting
    • Payroll Services
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  • Business Owners
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Accounting for the Trucking Industry
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Category: tax

tax

May 19, 2025May 19, 2025tax

Can you turn business losses into tax relief?

Even well-run companies experience down years. The federal tax code may allow a bright strategy to lighten the impact. Certain losses, within limits, may be used to reduce taxable income in later years. Who qualifies? […]

May 14, 2025May 14, 2025tax

Still have tax questions? You’re not alone

Even after your 2024 federal return is submitted, a few nagging questions often remain. Below are quick answers to five of the most common questions we hear each spring. 1.When will my refund show up? […]

May 12, 2025May 12, 2025tax

Corporate business owners: Is your salary reasonable in the eyes of the IRS?

Determining “reasonable compensation” is a critical issue for owners of C corporations and S corporations. If the IRS believes an owner’s compensation is unreasonably high or low, it may disallow certain deductions or reclassify payments, potentially leading […]

May 7, 2025May 7, 2025tax

The “wash sale” rule: Don’t let losses circle the drain

Stock, mutual fund and ETF prices have bounced around lately. If you make what turns out to be an ill-fated investment in a taxable brokerage firm account, the good news is that you may be […]

May 5, 2025May 5, 2025tax

An education plan can pay off for your employees — and your business

Your business can set up an educational assistance plan that can give each eligible employee up to $5,250 in annual federal-income-tax-free and federal-payroll-tax-free benefits. These tax-favored plans are called Section 127 plans after the tax code […]

April 28, 2025April 28, 2025tax

Understanding the “step-up in basis” when inheriting assets

If you inherit assets after a loved one passes away, they often arrive with a valuable — but frequently misunderstood — tax benefit called the step-up in basis. Below is an overview of how the […]

April 26, 2025April 26, 2025tax

Explore SEP and SIMPLE retirement plans for your small business

Suppose you’re thinking about setting up a retirement plan for yourself and your employees. However, you’re concerned about the financial commitment and administrative burdens involved. There are a couple of options to consider. Let’s take […]

April 22, 2025April 22, 2025tax

What tax documents can you safely shred? And which ones should you keep?

Once your 2024 tax return is in the hands of the IRS, you may be tempted to clear out file cabinets and delete digital folders. But before reaching for the shredder or delete button, remember […]

April 17, 2025April 17, 2025tax

Turn a summer job into tax savings: Hire your child and reap the rewards

With summer fast approaching, you might be considering hiring young people at your small business. If your children are also looking to earn some extra money, why not put them on the payroll? This move […]

April 10, 2025April 10, 2025tax

An essential tax deadline is coming up — and it’s unrelated to your 2024 return filing

Tuesday, April 15 is the deadline for filing your 2024 tax return. But another tax deadline is coming up the same day, and it’s essential for certain taxpayers. It’s the deadline for making the first […]

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