Traveling for Business in 2024? What’s Deductible?
If you and your employees will be traveling for business this year, there are many factors to keep in mind. Under the tax law, certain requirements for out-of-town business travel within the United States must be met before you can claim a deduction. The rules apply if the business conducted reasonably requires an overnight stay.
How to Secure a Tax Benefit with the QBI Deduction
QBI may sound like the name of a TV quiz show. But it’s actually the acronym for “qualified business income,” which can trigger a tax deduction for some small business owners or self-employed individuals. The QBI deduction was authorized by the Tax Cuts and Jobs Act (TCJA), and it took effect in 2018.
Tracking Down Donation Substantiation
If you’re like many Americans, your mailbox may have been filling up in recent weeks with letters from your favorite charities acknowledging your 2023 donations. But what happens if you haven’t received such a letter for a contribution? Can you still claim a deduction on your 2023 income tax return for the gift? It depends.
Tax Tips
There May Still Be Time to Lower Your 2023 Tax Bill Deductions vs. Credits: What’s the Difference? ERC Voluntary Disclosure Program Available for a Limited Time
Tax Due Dates
February 15
Individuals: File a new Form W-4 to continue exemption for another year if you claimed exemption from federal income tax withholding in 2023.
Businesses: Provide Form 1099-B, 1099-S and certain Forms 1099-MISC (those in which payments in Box 8 or Box 10 are being reported) to recipients.
Employers: Deposit Social Security, Medicare and withheld income taxes for January if the monthly deposit rule applies.
Employers: Deposit nonpayroll withheld income tax for January if the monthly deposit rule applies.
February 28 Businesses: File Form 1098, Form 1099 (other than those with a January 31 deadline), Form W-2G and transmittal Form 1096 for interest, dividends and miscellaneous payments made during 2023. (Electronic filers can defer filing to April 1.)
March 11 Individuals: Report February tip income of $20 or more to employers (Form 4070).