Small Business »
Business Entertainment, Travel and Gift Expense Deductions
Top Takeaways 1. Can deduct ordinary and necessary business-related expenses In general, you can deduct ordinary and necessary business-related expenses for traveling away from home, entertaining clients and customers, and giving gifts to customers,
Read More »
Guidance and Examples for Making an 83(b) Election
The Internal Revenue Service (IRS) has issued Revenue Procedure 2012-29 that provides sample language for making an 83(b) election as well as a number of examples of the tax consequences of making an 83(b)
Read More »
Illinois Passes Veterans Tax Credit for Post 9/11 Veterans
Illinois has passed a new income tax credit for employers who hire veterans who served after 9/11. The credit expands an existing credit for business owners that hire veterans. In an effort to employ
Read More »
401(k)
Top Takeaways 1. 401(k) is a tax-qualified deferred compensation plan 401(k) is a tax-qualified deferred compensation plan offered to employees by employers as a common retirement plan option. With a 401K, an employee elects
Read More »
Tax Beneficial Retirement Plans for Self-Employed
Often self-employed individuals struggle to plan for retirement without the backing of traditional business retirement plans. But self-employed individuals are not overlooked by the tax code. Here are a few tax-beneficial retirement plan options
Read More »
Cafeteria Plans
Top Takeaways 1. Cafeteria Plans are Employee Benefits Plans A Cafeteria Plan is defined by the IRS as a written plan maintained by an employer under which all participants are employees, their spouses and
Read More »
