Receiving a long-awaited Employee Retention Credit refund may not close the file. If the related wage deduction was never adjusted, current IRS guidance may create an income-tax consequence in the year the refund arrives.
One of the most common reasons business owners never claim the home office deduction is surprisingly simple; they assume their home isn't large enough. That assumption may be costing them more than they realize.
Some tax strategies gain popularity because they sound logical. But when the numbers are analyzed, the expected tax savings often disappear. Here's why buying assets personally and renting them to your corporation may not deliver the benefit many business owners expect.
Inventory can quietly delay tax deductions. Some qualifying small businesses may have options to deduct inventory-related costs sooner, but the accounting method and records must support the position.
