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Understanding the Excise Tax

Posted by Missy Dennis on Jan 28, 2021 8:16:00 AM

An excise tax is a tax that is generally imposed on the sale of specific goods or services, or on certain uses. Examples of things a federal excise tax is usually imposed on include the sale of fuel, airline tickets, heavy trucks and highway tractors, indoor tanning, tires, and tobacco, as well as other goods and services. Excise taxes are imposed on a wide variety of goods, services and activities and may be imposed at the time of:

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Topics: Business Ownership, Taxes, Excise Tax, Business Expenses

Employee Business Expense Deductions: Who Qualifies?

Posted by Missy Dennis on Jan 13, 2021 8:12:00 AM

Prior to tax reform, an employee was able to deduct unreimbursed job expenses, along with certain other miscellaneous expenses, that was more than two percent of adjusted gross income (AGI) as long as they itemized instead of taking the standard deduction. Starting in 2018, however, most taxpayers can no longer claim unreimbursed employee expenses as miscellaneous itemized deductions unless they are a qualified employee or an eligible educator.

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Topics: Taxes, Tax Deduction, Business Expenses

Relief for Drought-Stricken Farmers and Ranchers

Posted by Scott Farnes on Dec 23, 2020 8:02:00 AM

Farmers and ranchers who were forced to sell livestock due to drought may have an additional year to replace the livestock and defer tax on any gains from the forced sales. The relief generally applies to capital gains realized by eligible farmers and ranchers on sales of livestock held for draft, dairy or breeding purposes. Sales of other livestock, such as those raised for slaughter or held for sporting purposes, or poultry, are not eligible.

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Topics: Taxes, Business Expenses

Health Coverage Terms Employers Should Know

Posted by Scott Farnes on Oct 13, 2020 8:51:00 AM

Under the Affordable Care Act, certain employers - known as applicable large employers - are subject to the employer shared responsibility provisions. You might be thinking about these topics as you make plans about 2021 health coverage for your employees.

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Topics: Business Ownership, Business Expenses

The Home Office Deduction

Posted by Scott Farnes on Sep 10, 2020 7:55:00 AM

With more people working from home than ever before, taxpayers may be wondering if they can claim a home office deduction when they file their 2020 tax return next year. The short answer is that self-employed taxpayers who use their home for business may be able to deduct expenses for the business use of it whether they rent or own their home. If you are an employee, however, you are not eligible to take the home office deduction - even if you are working remotely in your home office.

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Topics: Taxes, Tax Deduction, Small Business, Tax Return, Tax Preparation, Business Expenses

Business Expense Deductions for Meals, Entertainment

Posted by Taylor Bennett on Nov 7, 2019 8:17:00 AM
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Topics: Business Ownership, Tax Deduction, Business Expenses

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