by Steven J Weil, PhD, EA, LCAM | Mar 16, 2023 | Blog, Business Tax, Investments
A SIMPLE is an Affordable Retirement Plan For Small Businesses A SIMPLE (Savings Incentive Match Plan for Employees) is a retirement plan that small business owners can offer to their employees. Here are the basic features of a SIMPLE: Eligibility:...
by Steven J Weil, PhD, EA, LCAM | Mar 13, 2023 | Blog, Business Tax, Personal Tax
What can an Enrolled Agent Do for You? Having an Enrolled Agent (EA) can benefit you in several ways, especially when it comes to your tax-related matters. Here are some of the key benefits of working with an Enrolled Agent: Tax Expertise: Enrolled Agents are licensed...
by Steven J Weil, PhD, EA, LCAM | Mar 9, 2023 | Blog, Business Tax
Commonly Overlooked Business Tax Deductions There are several business tax deductions that are often overlooked but can potentially save you a significant amount of money on your taxes. Here are some of the most commonly overlooked business tax deductions: Home Office...
by Steven J Weil, PhD, EA, LCAM | Mar 6, 2023 | Blog, Business Tax
Myth: Setting up a corporation will make all my non-deductible expenses deductible. Truth: Businesses can only deduct expenses that meet the following tests regardless of the entity used to operate. Expenses must be ordinary and necessary to the business...
by Steven J Weil, PhD, EA, LCAM | Mar 4, 2023 | Blog, Business Tax
Who should consider making their business a subchapter S Corporation? There are several factors to consider when deciding whether your business should be an S Corporation. Here are some of the key considerations: Business Structure: An S Corporation is a type of...
by Steven J Weil, PhD, EA, LCAM | Mar 2, 2023 | Blog, Business Tax, Personal Tax
According to the GAO the audit rates for individual income tax returns from 2010 to 2019 went from 0.9 percent to .025 percent. Rates dropped even lower during Covid but this is getting ready to change. With the hiring of a projected 87,000 new auditors and a...
