Business Feed

Being your own boss means you are responsible for many tasks, including setting up a retirement plan for yourself and your business' employees. If you're self-employed, your primary focus, especially in your entrepreneurial effort's early years, likely is to just make sure your business survives. But once you're on stable business footing, it's wise to look into tax-deferred retirement plan options for your small business. Not only are these retirement accounts a great way to save for the day you are ready to stop working, they also can help you reduce your current tax bill. Here are three self-employed retirement... Read more →


Kids all across the country, including those in my neighborhood, spent Saturday hunting for brightly colored eggs. Or, if they're in the Washington, D.C. area, perhaps they're getting ready to participate in tomorrow's (Monday, April 2) 140th annual White House Easter Egg Roll, like the youngsters in the photo above did last year. Their parents, however, are more likely this weekend to be hunting for tax breaks as the April 17 filing deadline nears. Every tax season, lots of taxpayers overlook some deductions, credits or other tax moves that can reduce their eventual Internal Revenue Service bill. Here are some... Read more →


Luxury suites provide fans with more than just views of sporting events. Some companies use these special accommodations to woo or reward high-dollar customers. However, a new tax law limiting the deductibility of such entertainment could end or limit these and similar business expenditures. (AT&T Stadium luxury box photo courtesy SuiteHop via Facebook) The arenas where the NCAA's March Madness college basketball games are being played have luxury box seats where the seat owners used to entertain existing and potential high-dollar clients. I say "used to" because the Tax Cuts and Jobs Act (TCJA) that took effect this year could,... Read more →


Doing taxes is all about the numbers. The forms require our Social Security number and that of our spouse and dependent children. Similar identification digits also are key on tax forms from, for example, our employers and other entities that contribute to our taxable income. And, of course, we have to put in all those figures about our earnings and subtract the numbers in the form of expenses and deductions and credits to get to the most important amount of all, our final tax bill. Today's the 30th anniversary of the math-inspired unofficial holiday Pi Day is a good time... Read more →


Winter will just not let go this year. The Northeast has been pummeled by three northeasters in 11 days. The consecutive blizzards make everything difficult, including doing taxes. That's why the Internal Revenue Service is giving businesses affected by the storms some extra time. Business returns are due Thursday, March 15. If, however, those filers cannot get their tax year 2017 taxes done by then, the IRS says they can request an automatic extension by filing Form 7004, on or before Tuesday, March 20. Form 7004, available on IRS.gov, provides a six-month extension to complete the Forms 1065 and 1065-B... Read more →


There are so many tax scams out there that it takes more than one post. Three, to be precise. This is Part 2 of the Internal Revenue Service's 2018 list of the Dirty Dozen Tax Scams. The four schemes in this post, numbers 5 through 8, are like those in the initial 2018 Dirty Dozen tax scams of 2018. They also are repeat (dis)honorees. That's because once crooks find something that works, they keep using it. And sadly, there are enough new victims out there every year to fall for it. Unless potential targets are warned. To do that and... Read more →


Spring training games are wonderfully leisurely, at least for the fans. But Major League Baseball is a big business and some of its practices could be negatively affected by the new tax law. (Photo courtesy Central Florida Visitors & Convention Bureau) One of the good things about tax-filing season's timing is that it and Major League Baseball's spring training overlap a bit. That means when my head is about to explode from the hassles of taxes, I can take a break and catch some of the Boys of Summer preparations. The February and March games in Florida and Arizona are... Read more →


Many of us used to spend Saturday afternoons at the movies. Streaming and on demand options have cut into those ticket sales, but Oscar nominations and wins still boost ticket sales and the taxes collected on those admission slips. (Photo from Keith Page archives via Kevin Dooley on Flickr) It's an honor to win an Oscar. Or, according to those who don't, just to be nominated. It's also usually provides films an economic boost, even before the statuettes are handed out. And that could also help out those states, like Texas, that collect sales tax on movie theater tickets. Nominations... Read more →


Will you be watching the Academy Awards this Sunday, March 4? You might want to since, depending on where you live, you helped pay for some of the Oscar-nominated movies. New Yorkers have the most at stake, both financially and in connection with the gold statuettes. New York budgets $420 million for its film-tax-credit program. The Empire State's film production tax credit offers reimbursement of up to 40 percent on most production costs depending on what part of the state a movie is shot. It also reward TV programs, like the Big Apple-based "The Tonight Show" with Jimmy Fallon, that... Read more →


Shortly after the Tax Cuts and Jobs Act (TCJA) was signed into law on Dec. 22, 2017, the Republican lawmakers who wrote and fast-tracked it into law pointed to the measure's immediate effects. The most immediate indicator was the many companies that gave their workers year-end bonuses. Some corporate execs acknowledged that the law, which gives big businesses a dramatic 14 percentage points cut on their tax bills (from a 35 percent to 21 percent rate), played a part in the bonus decision. But as 2018, the first year that the tax cuts will be in effect, other companies are... Read more →


Warren Buffett, chairman of Berkshire Hathaway, meets with President Barack Obama in the Oval Office. Did this July 18, 2011, conversation lead to Obama's proposed Buffett Rule, a surtax on millionaires? (Official White House Photo by Pete Souza) If you were wise or lucky enough to get a piece of Berkshire Hathaway, company chairman Warren Buffett has some good news for you. Berkshire's gain in net worth last year was $65.3 billion. And while the Oracle of Omaha deserves kudos for many things, Buffett says the real thanks regarding Berkshire Hathaway's recent financial uptick should go to the Republicans. Specifically,... Read more →


With the official start of the 2018 tax filing season just more than a week away, folks have been collecting important tax statements they'll need to file their returns. Identity thieves, unfortunately, are among those looking for those documents, particularly W-2 forms that most filers use to report their wage income. That's why the Internal Revenue Service is urging everyone to be on guard against the return of the Form W-2 phishing scam that last year made victims of hundreds of organizations and thousands of employees. Costly employment-related tax scam: The W-2 scam has emerged as one of the most... Read more →


The Beverly Hilton ballroom was packed on the evening of Jan. 7 as the Hollywood Foreign Press Association handed out its annual Golden Globes statuettes for excellence in movies and television. (Photo courtesy Hollywood Foreign Press Association) I watched the Golden Globes. I am a big movie and television fan, so I wanted to see what one tiny subsection of awards voters, in this case the Hollywood Foreign Press Association, thought about recent entertainment offerings. Plus, I wanted to host Seth Meyers' take on Hollywood's harassment issue. I was thrilled to see his late-night show writers Amber Ruffin Jenny Hagel... Read more →


We did it! We made it through the wild ride that was 2017. It ended in a particularly chaotic fashion, with a major tax bill that was literally written on the fly even on its last day of Congressional consideration. via Giphy.com Studios Now it's time to hunker down for what 2018 has to throw at us on the tax front. However, before we dive head-first into the new year, I'm taking one of the 365 days, just like I did at the start of 2017, to list my top 10 tax stories from the previous year. These are not... Read more →


Most folks will ring in the new year by raising a glass. For many, it will be an adult beverage. For us, it's the local sparkling almond wine shown there at left. Traditional or more extravagant celebrants, however, will ring out 2017 and welcome 2018 with bubbly. More tax sparkle: The toasting with champagne will have extra meaning this year for the makers and importers of the fancy sparkling wine. Not only will they be celebrating more year-end sales, they'll be reveling in a significant reduction in 2018 taxes on their product. Effective Jan. 1, 2018, with the implementation of... Read more →


O Christmas Tree, O Christmas Tree How lovely are thy branches! Our tree. Click here to see a photo of it with lights on. This is one of my favorite Christmas carols, in part because the Tannenbaum tune is also the one used for the "Maryland, My Maryland," the state song of the place the hubby and I called home for almost two decades. But it's also a wonderfully lyrical celebration of the Christmas tree tradition. The National Christmas Tree Association says that between 25 million and 30 million real trees are sold across the United States each holiday season.... Read more →


You thought we basically were done with taxes with the passage of the GOP's massive tax bill this week, right? Wrong. A variety of old extenders will get another look in the New Year. Horse racing tracks could get back a tax break that lapsed if the new bill of old expired tax extenders is passed. Senate Republicans decided to deal with the recently-passed tax code changes by working within the budgetary parameters of reconciliation and the Byrd rule so they could pass any bill by a simple majority. However, that made the individual tax changes temporary, setting the expiration... Read more →


Pass-through taxation has been one of the most contentious and confusing parts of the debate surrounding the Republican tax bill.ese businesses — sole proprietorships, partnerships, limited liability companies (LLCs) and S corporations — are not themselves subject to federal taxation the way traditional corporations are. Instead, the income earned from these operations is passed through on the owner's personal income tax filing. As I and many, many other media outlets and bloggers have noted, the final version of H.R. 1, the Tax Cuts and Jobs Act, that House and Senate conferees approved Dec. 15 basically followed the Senate's taxing methodology... Read more →


There's a tax bill, but there is no tax reform. There's still an estate tax. There are still (some) state and local itemized tax deductions. There's still an alternative minimum tax. And there are enough other tweaks to confuse filers and keep tax pros very busy over the next 12 (and more) months. Ways and Means Chairman Kevin Brady (R-Texas) presides over the lone public hearing Dec. 13 of the House-Senate conference committee on H.R. 1, the Tax Cuts and Jobs Act. Final House and Senate votes on the bill are planned for next week. Basically, the Republican tax bill... Read more →


The Internal Revenue Service has good news for folks who do tax-related driving. Some auto travel amounts, however, might not matter depending on what happens with tax reform. 50 Cent via Giphy.com If your job requires you to be on the road, you'll get a bit bigger tax break for those business miles in 2018. The Internal Revenue Service's annual adjustment of the optional standard mileage rate for business use of your vehicle is a penny-per-mile more next year. The deductible per-mile rate for medical and moving also are one cent higher in 2018. The driving deduction rate for charitable... Read more →