Fiducial Blog – Page 10

Use the NOL Deduction to Make Business Losses Less Painful

May 19, 2023

Losses can happen in any business. The NOL deduction may soften the blow by allowing businesses to apply losses to offset taxable income in future years.

The Tax and Bookkeeping Challenges of the Freelancing

May 17, 2023

It seems like more and more employees are turning to freelance work. According to one recent study, there are now 73.3 million people freelancing in the US.

Looking for Quick Cash? Try to Avoid Retirement Early Withdrawals

May 15, 2023

Are You looking for quick cash? Your retirement savings may look tempting. However, early withdrawals can mean paying income tax and a 10% early-distribution tax.

Don’t Get Hit with IRS Underpayment Penalties

May 12, 2023

Under federal law, taxpayers must pay taxes during the year as they earn or receive income. If not, they can incur substantial underpayment penalties.

Tax Obligations to Consider When Closing Your Business

May 10, 2023

If you are closing your business, Fiducial can assist you. This includes taking care of the various tax responsibilities that must be met.

Retirement saving options for your small business: Keep it simple

May 8, 2023

You may be reluctant to set up a retirement plan for your small business due to administrative burdens. Here are two options to consider with fewer requirements than traditional qualified retirement plans.

Don't Ignore Household Employee Payroll Tax Rules

May 5, 2023

If a domestic worker provides services in/around your home, a tax liability may exist. If the worker is your household employee, you need to know.

Is an LLC the Right Choice for Your Small Business?

May 3, 2023

Is your small business a sole proprietorship? Do you want to form an LLC? Learn the basic information and tax perks you need to know to operate an LLC.

Should You Be Keeping Home Improvement Records?

April 28, 2023

Many taxpayers don’t keep home improvement records. However, records are important if you want to take advantage of the tax code’s exclusion for home gains.

Vacation Home Rentals and Income Tax: What You Need to Know

April 26, 2023

Have questions about rental income tax for a part-time vacation home rentals? The applicable rental rules include some twists that you should know about.

Potential Tax Advantages of Hiring Your Child This Summer

April 24, 2023

Thinking about hiring your high school or college-age child to work in your business? You could reap significant tax benefits.

Why Quality Bookkeeping Matters

April 21, 2023

If you made a list of all the things that most business owners hate, bookkeeping is at the top. But don't underestimate the power of great bookkeeping.

You Can Now Receive a Tax Credit for Buying a Used Electric Vehicle

April 19, 2023

This is the first time used electric vehicles have qualified for a tax credit. This provides an incentive for taxpayers to acquire an electric vehicle.

Roundup of Individual Tax Changes For 2023

April 17, 2023

Two recent pieces of tax legislation have created several tax changes for 2023. The legislation includes the Inflation Reduction Act and the Secure 2.0 Act.