Businesses shut down for many reasons. Examples include an owner’s retirement, a lease expiration, staffing shortages, partner conflicts and increased supply costs. If you’ve decided to close your business, you might need assistance with some steps in the process, including handling various tax obligations.
Is your business having trouble collecting payments from clients or vendors? You might be able to claim a bad debt deduction on your tax return. But if you hope to take the deduction on your 2023 return, you’ll have to get busy, because you must be able to show that you’ve made a “reasonable” effort to collect the debt. Requirements:
Click on the links below to jump to each section in this article: Federal Per Diem Rates Updated for FY 2022 IRAs: Terms to Know E-Signatures Extended for Many Tax Forms Closing Your Business: A Tax Checklist Reporting Gambling Income and Losses Federal Per Diem Rates Updated for FY 2022 Per diem rates have been updated for FY 2022 and are effective October 1, 2021. These allowances substantiate the amount of ordinary and necessary business expenses paid or incurred while traveling away from...
Starting your own business is an exciting prospect, but there is more to it than simply writing a business plan. Understanding the tax responsibilities of starting a business venture can save taxpayers money and help set them up for success. That’s where a tax professional can help.
Recovery efforts after natural disasters can be costly. With floods, tornadoes, hurricanes, earthquakes, and other natural disasters affecting so many people throughout the U.S. this year, many have been left wondering how they’re going to pay for the cleanup or when their businesses will be able to reopen. The good news is that there is relief for taxpayers – but only if you meet certain conditions.
