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Self-Employment Tax Basics July 2022
July 2022 Self-Employment Tax Basics If you own an unincorporated business, you likely pay at least three different federal taxes. In addition to federal income taxes, you must pay Social Security and Medicare taxes, also called the self-employment tax. Self-employment taxes are not insubstantial. Indeed, many business owners pay more in self-employment taxes than in […]
Client Tax Tips Letter June 2022
THE WHALEN GROUP Tax-Saving Tips June 24, 2022 Alert: A Massive New FinCEN Filing Requirement Is Coming Do you own a corporation, limited liability company (LLC), limited partnership, limited liability partnership, limited liability limited partnership, or business trust? Or are you planning to form one of these entities? If so, be alert. There’s a new […]
Tax Savings Tips Letter May 2022
THE WHALEN GROUP, INC. Tax-Saving Tips May 2022 Donor-Advised Funds: A Tax Planning Tool for Church andCharity Donations Do you give money to 501(c)(3) charities? Do you get a tax benefit from those donations? Recent changes in the tax code have done much to destroy your benefits from church and other tax-deductible 501(c)(3) donations. But […]
YEAR-END TAX PLANNING FOR 2021
November 2021 BUSINESS TAX ISSUES Prepay Expenses Using the IRS Safe Harbor You just have to thank the IRS for its tax-deduction safe harbors. IRS regulations contain a safe-harbor rule that allows cash-basis taxpayers to prepay and deduct qualifying expenses up to 12 months in advance without challenge, adjustment, or change by the IRS, (IRS […]
TAX TIP LETTER – PRIMARY HOME SALE
Dear Client: October 21, 2021 The $250,000 ($500,000, if married) home sale gain exclusion break is one of the great tax-saving opportunities. Unmarried homeowners can potentially exclude gains up to $250,000, and married homeowners can potentially exclude up to $500,000. You as the seller need not complete any special tax form to take advantage. To […]
Client Tax Tip Letter September 2021
Save Your Employee Retention Credit In what clearly must have been a mistake, the IRS issued Notice 2021-49 to deny the employee retention credit (ERC) on the wages paid to most C and S corporation owners. According to the IRS: Your corporation can qualify for the ERC on the wages paid to a more than […]
Client Tax Tip Letter August 2021
Don’t Miss Out on the Employee Retention Credit It’s hard to imagine that a small business does not qualify for some or all of the employee retention credit (ERC). And remember, this is a tax credit—one of the very best things that tax law has to offer. True, it’s not as valuable as some other […]
THE WHALEN GROUP Tax-Saving Tips
Is Your Travel Day Personal or a Tax-Deductible Business Day? When you travel to a business location where you spend the night, you are in travel status. But will the tax rules make this a business or personal night? The rules also affect your costs during the day. When you have an overnight […]
Benefit Big from the Work Opportunity Tax Credit
The Work Opportunity Tax Credit rewards your good deeds. And now, because of new legislation, the rules are in place for longer than usual. If you need to hire workers in your business, this dollar-for-dollar reducer of your taxes is one to know about. Suppose your business hires a member of a targeted group. In […]
YEAR-END TAX PLANNING FOR 2020
BUSINESS TAX ISSUES Prepay Expenses Using the IRS Safe Harbor You just have to thank the IRS for its tax-deduction safe harbors. IRS regulations contain a safe-harbor rule that allows cash-basis taxpayers to prepay and deduct qualifying expenses up to 12 months in advance without challenge, adjustment, or change by the IRS, (IRS Reg. […]