Losses are a real possibility for businesses, whether they're new or well-established. The federal tax code may help soften the blow by allowing businesses to apply losses to offset taxable income in future years, subject to certain limitations.
Generally, except for home mortgage interest, personal interest expense isn't deductible for federal income tax purposes. Now, the One Big Beautiful Bill Act has added another exception for eligible car loan interest on qualified passenger vehicles. This article covers the eligibility rules.
Remote work can offer advantages for both employers and employees. But it may also lead to some tax surprises, especially if workers cross state lines.
The "high-low" per diem method is a simplified way to reimburse employees who travel for your business compared to tracking actual business travel expenses. Here's a look at the current per diem rates within the continental United States and the rates in certain high-cost locations.