Meals are back to being only 50% deductible after being 100% deductible during the pandemic. Businesses should have three categories of meals and entertainment to account for the following: Non Deductible: Entertaining clients, prospects, etc. even if a business was...
Property tax not only applies to real property, but also applies to personal property that is owned and used in a business. Personal property includes leasehold improvements, machinery, equipment, furniture and supplies. It does not apply to inventory. All...
Taxpayers who have an active trade or business are required to prepare Form(s) 1099 to report various types of payments made during the year. The filing requirement does not include payments made to corporations unless it is a payment for legal services rendered....
Partners in a partnership and LLC members may be able to deduct all the medical, dental and qualified long-term care insurance paid on their behalf and on their family. In order to deduct the premiums: The policy must be in the name of the company, partner or member....
Effective Jan. 1, 2024, the Washington minimum wage rate increases to $16.28 per hour. The Oregon minimum wage rate is currently $14.20 per hour, unless within the Portland Metro Urban Growth Boundary where the estimated rate is $15.45.
You may be able to deduct all the medical, dental and qualified long-term care insurance paid by the corporation on behalf of you and your family. In order to deduct the premiums, the following rules are in place: The policy must be in the name of the S corporation or...
