Can you deduct a vacation as a business expense if you answer a few emails, take a client call, or schedule one business meeting while you are away? Generally, no. A small amount of work does not turn a personal vacation into a deductible business trip. As we work through quarterly tax planning with ourContinue reading “Can You Deduct a Vacation as a Business Expense?”
Category Archives: Taxes
Business Tax Surprise: Why You Owe Taxes When the Cash Is Gone
A business tax surprise can feel especially frustrating when your company had a good year but there is not much money left in the bank. The short explanation is that your tax return is generally based on taxable profit—not on the balance in your business checking account. Your Business Can Be Profitable—even When Cash FeelsContinue reading “Business Tax Surprise: Why You Owe Taxes When the Cash Is Gone”
Small Business Health Insurance Options: Four Ways to Help Your Employees
This is the time of year when many of my clients receive their health insurance renewal notices and are shocked by the proposed increases. For some clients, simply maintaining the current plan is becoming financially unsustainable. Knowing what small business health insurance options are available can help with the increasing costs and complexity of managingContinue reading “Small Business Health Insurance Options: Four Ways to Help Your Employees”
“No Tax on Overtime” Creates a New Employer Reporting Responsibility
Your payroll system says an employee received $15,000 in overtime pay. How much belongs in employer qualified overtime reporting for 2026, is it $15,000, $10,000 or $5,000? For ordinary time-and-a-half overtime required by the Fair Labor Standards Act, the qualified amount may be only $5,000. The employee’s federal deduction generally applies to the extra one-half-timeContinue reading ““No Tax on Overtime” Creates a New Employer Reporting Responsibility”
“No Tax on Tips” Creates New Payroll Questions for Employers
If your payroll report says an employee received $12,000 in tips, do you know whether all $12,000 qualifies under the new federal rules? “No Tax on Tips” creates employer no tax on tips rules in 2026. Employer qualified tips reporting now requires more than putting every customer-related payment into one “tips” category. Employer No TaxContinue reading ““No Tax on Tips” Creates New Payroll Questions for Employers”
NYC Home Office Deduction for Condo and Co-op Owners
We love being in New York City, but running a business here can get expensive. That means we want to take advantage of legitimate tax deductions wherever they are available. For business owners who work from home, the NYC home office deduction can be one of them. When you rent your apartment, the basic calculationContinue reading “NYC Home Office Deduction for Condo and Co-op Owners”
Trump Accounts for Kids: What Parents Should Know
If you have children, grandchildren, or employees with children, Trump Accounts for kids are worth putting on your radar. These new accounts are designed to help families begin investing for children before they have earned income of their own. Some eligible children can also receive a one-time $1,000 federal government contribution. For business owners, thereContinue reading “Trump Accounts for Kids: What Parents Should Know”
How NYS Voluntary Disclosure Saved Our Client $13,000
The NYS Voluntary Disclosure Program can give an eligible business owner a way to correct past tax problems before the Tax Department contacts them. In one recent case, we used the program to help a New York City business address 21 unfiled sales tax returns, avoid nearly $13,000 in penalties, and create a manageable planContinue reading “How NYS Voluntary Disclosure Saved Our Client $13,000”
S Corp tax changes: 5 Changes Business Owners Should Understand
S Corp tax changes are numerous and some are not so obvious. A few weeks ago, we discussed converting a single-member LLC to an S corporation and why the math can be different for a business operating in New York City. This is the practical follow-up: what actually changes once the S corporation election takesContinue reading “S Corp tax changes: 5 Changes Business Owners Should Understand”
New York City S Corp: Is an S Corp Really Worth It for Your Business?
If you’ve been researching a New York City S Corp, you’ve probably seen articles claiming an S Corp election can save thousands of dollars in self-employment taxes. While that’s often true, business owners in New York City need to look beyond the federal tax savings. New York City has its own business tax rules thatContinue reading “New York City S Corp: Is an S Corp Really Worth It for Your Business?”