The Augusta Rule for Business Owners

The Augusta Rule for Business Owners

Also called IRS Code Section 280A, the Augusta Rule is a great tax tool for business owners that allows you to rent your home back to your business for up to 14 days in a calendar year. Essentially, that amounts to tax-free income for you as the homeowner/business...
Employers: In 2023, the Social Security wage base is going up

Employers: In 2023, the Social Security wage base is going up

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $160,200 for 2023 (up from $147,000 for 2022). Wages and self-employment income above this threshold aren’t subject to Social Security tax....
Providing fringe benefits to employees with no tax strings attached

Providing fringe benefits to employees with no tax strings attached

Businesses can provide benefits to employees that don’t cost them much or anything at all. However, in some cases, employees may have to pay tax on the value of these benefits. Here are examples of two types of benefits which employees generally can exclude from...
Best Practices for Building an Offshore Team for Accounting firms

Best Practices for Building an Offshore Team for Accounting firms

By Julie Smith, Practice Manager for Harper & Company CPAs Plus The talent shortage is the talk of the profession. And, it isn’t going away anytime soon. We needed a way to elevate our accountants to spend their time on higher value advisory conversations with...
What local transportation costs can your business deduct?

What local transportation costs can your business deduct?

You and your small business are likely to incur a variety of local transportation costs each year. There are various tax implications for these expenses. First, what is “local transportation?” It refers to travel in which you aren’t away from your tax home (the city...