As a business owner who is also an employee, you may have to pay for business expenses out of your own pocket. If you reimburse yourself for these expenses through an accountable plan, you can avoid paying taxes on the reimbursements. Accountable plans have four...
There are other options if you qualify but let’s start with what you should do if at all possible when you first realize you cannot pay your full tax bill when you file your taxes. The first thing you can do right after you file is to apply for an...
Introduction The Small Taxpayer Safe Harbor and the De Minimis Safe Harbor are two simplified methods for accounting for business expenses that are available to small businesses. These safe harbors can help businesses to save time and money on their taxes. In this...