New businesses are launched every day, as evidenced by the number of Employer Identification Numbers requested, according to the U.S. Census Bureau. In the aftermath of the COVID-19 pandemic, there was a large increase in the number of businesses formed. For 2023, roughly 5.5 million new business applications were filed.      How to treat expenses […]

Wouldn’t it be great if your employees worked as if they owned part of the company? An employee stock ownership plan (ESOP) could make that a reality. Under an ESOP, employee participants take part ownership of the business through a retirement savings arrangement. Meanwhile, the company and its existing owner(s) can benefit from some tax […]

With so many people working remotely, it’s become common to think about moving to another state — perhaps for better weather or to be closer to family. Many retirees also look at across-the-border moves to better control living expenses. If you’ve found yourself harboring such notions, be sure to consider taxes before packing up your […]

Working from home isn’t new, especially for self-employed people. But during the height of the pandemic, millions of jobs were moved from employers’ premises to employees’ private homes. Many of those workers continue working from home and wonder if they qualify for home office tax deductions. The short answer is: Only if you’re self-employed. As […]

Whether you’re a casual or professional gambler, your winnings are taxable. However, the Treasury Inspector General for Tax Administration reports that gambling income is vastly underreported. Failing to report winnings accurately can lead to back taxes, interest and penalties. Here’s what you need to know to stay compliant and potentially minimize your tax liability. Reporting […]