Fiducial Blog – Page 15

How to Treat Business Website Costs for Tax Purposes

December 12, 2022

These days, most businesses have websites. But surprisingly, the IRS hasn’t issued formal guidance on when business website costs can be deducted.

End of Year Reminder: Time is Running Out to Take Your 2022 RMD

December 9, 2022

An RMD is a required taxable distribution from a qualified retirement plan. Often associated with traditional IRAs, they also apply to 401(k)s and SEP IRAs.

Computer Software Costs: How Does Your Business Deduct Them?

December 7, 2022

Most businesses buy or lease computer software. Complex rules determine the tax treatment of the costs of buying/leasing/developing computer software.

Can Your Health Savings Account Fill Multiple Tax Needs?

December 5, 2022

A health savings account can act as more than just a vehicle to pay medical expenses. It can also serve as a retirement account.

PBGC Raises Guarantee for Single-Employer Pension Plans that Fail

December 2, 2022

Defined benefit retirement plans, better known as pensions, have been at risk for decades now. The PBGC, dedicated to protecting them, has changes coming.

Think You May Need a CFO? Consider Hiring a Virtual CFO

November 28, 2022

Think it’s time to bring on someone with more time and experience? Consider using the virtual CFO services offered by a bookkeeping or accounting firm.

Wondering Which Types of Interest Are Deductible for Taxes?

November 25, 2022

A frequent question that arises when borrowing money is whether or not the interest will be tax deductible. Unfortunately, not all interest is deductible.

You and Your Employees Can Save More for Retirement in 2023

November 23, 2022

How much can you and your employees contribute to retirement next year? The amounts increased more than they have in recent years due to inflation.

Employers: In 2023, the Social Security Wage Base Is Going Up

November 21, 2022

The Social Security Administration announced an increase in the Social Security wage base. It will increase to $160,200 in 2023 (up from $147,000 for 2022).

Research Credit Potentially Doubled by the Inflation Reduction Act

November 18, 2022

The Inflation Reduction Act could benefit small business startups. They can potentially double the amount of their research and development tax credit.

Are You Missing Out on the Increased Child Tax Credit?

November 16, 2022

Included in ARPA was a one-year enhancement of the child tax credit for 2021 only. The law boosted the credit from $2,000 to $3,000 for children aged 6 -17.

Stay on the Lookout for Presenteeism and Learn How to Avoid It

November 14, 2022

Employers should beware of presenteeism. Someone who repeatedly shows up unwell will accomplish less, produce substandard work, and cause other problems.

What Local Transportation Costs Can Your Business Deduct?

November 11, 2022

You and your small business are likely to incur a variety of local transportation costs each year. There are various tax implications for these expenses.

Everything You Need to Know About Starting a Business

November 9, 2022

Coming up with an idea for a starting a new business, however, is one thing. Actually becoming a successful business owner is something else entirely.