Are you involved in a dog breeding business or considering starting one? If so, you are in the IRS’s crosshairs. The IRS has long considered dog breeding to be an activity typically classified as a hobby, rather than a business, for tax purposes.

When it comes to IRS audits, one of the most common reasons taxpayers lose deductions is the lack of proper documentation.

Are you looking for ways to reduce your 2024 tax bill while securing your financial future? Setting up a self-employed retirement plan may be your solution.

The IRS often imposes steep penalties for filing tax returns late, failing to pay taxes on time, or not depositing employment taxes correctly. However, several strategies can help you get those penalties removed—and in some cases, even refunded if you have already paid them.

Here are some important updates and strategies regarding Social Security and Medicare taxes that may significantly impact your business.

As you consider winding down your partnership, here’s a concise overview of what you might expect under three typical scenarios of partnership dissolution.