At this time of year, it’s common for businesses to make thank-you gifts to customers, clients, employees and other business entities and associates. Unfortunately, the tax rules limit the deduction for business gifts to $25 per person per year, a limitation that has remained the same since it was added into law back in 1962. Fifty-five years later, the $25 … Read More
Are You Paying Too Much Self-Employment Tax?
I often get asked about self-employment taxes, and if there are ways to reduce this cost of doing business with structures that subject taxpayers to this level of tax. Depending on the type of business and a few other factors there may be a solution that allows for a reduction in tax costs. As a review, income that is generated … Read More
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