Blog | Evans & Associates, Inc.

Our weekly tax blog has tax tips and tax ideas for small owners business and individuals.

This blog is published to provide you with an informative summary of current business, financial, and tax planning opportunities. Do not apply this general information to your specific situation without additional details. Be aware that the tax laws contain varying effective dates and numerous limitations and exceptions that cannot be summarized easily. For details and guidance in applying the tax rules to your specific circumstances, please contact us.

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9 tax considerations if you’re starting a business as a sole proprietor.

When launching a small business, many entrepreneurs start out as sole proprietors. If you’re launching a venture as a sole proprietorship, you need to...

If you gave to charity in 2023, check to see that you have substantiation

Did you donate to charity last year? Acknowledgment letters from the charities you gave to may have already shown up in your mailbox.

Update on IRS efforts to combat questionable Employee Retention Tax Credit claims

The Employee Retention Tax Credit (ERTC) was introduced back when COVID-19 temporarily closed many businesses.

IRAs: Build a tax-favored retirement nest egg

Although traditional IRAs and Roth IRAs have been around for decades, the rules involved have changed many times.

TAXES

Operating your small business as a Qualified Small Business Corporation (QSBC) could be a tax-wise idea.

PLESA

As part of the SECURE 2.0 law, there’s a new benefit option for employees facing emergencies. It’s called a pension-linked emergency savings account (...

Tax Season

The IRS announced it will open the 2024 income tax return filing season on January 29. That’s when the tax agency will begin accepting and processing...

The kiddie tax could affect your children until they’re young adults

The so-called “kiddie tax” can cause some of a child’s unearned income to be taxed at the parent’s higher marginal federal income tax rates instead of...

Does your business have employees who get tips? You may qualify for a tax credit

If you’re an employer with a business where tipping is routine when providing food and beverages, you may qualify for a federal tax credit involving t...

Defer a current tax bill with a like-kind exchange

If you’re interested in selling commercial or investment real estate that has appreciated significantly, one way to defer a tax bill on the gain is wi...

4 ideas that may help reduce your 2023 tax bill

If you’re concerned about your 2023 tax bill, there may still be time to reduce it. Here are four quick strategies that may help you trim your taxes b...

It’s possible (but not easy) to claim a medical expense tax deduction

One of your New Year’s resolutions may be to pay more attention to your health. Of course, that may cost you. Can you deduct your out-of-pocket medica...

Court awards and out-of-court settlements may (or may not) be taxed

Monetary awards and settlements are often provided for an array of reasons. For example, a person could receive compensatory and punitive damage payme...

Giving gifts and throwing parties can help show gratitude and provide tax breaks

The holiday season is here. During this festive season, your business may want to show its gratitude to employees and customers by giving them gifts o...

The "nanny tax" must be paid for nannies and other household workers

You may have heard of the “nanny tax.” But if you don’t employ a nanny, you may think it doesn’t apply to you. Check again. Hiring a housekeeper, gard...