Recent News & Blog / Business Tax
Maryland businesses: Claim your $300 exemption before year-end
If your business operates in Maryland, you may be eligible for a $300 exemption under the MarylandSaves Credit program. Here’s what you need to know:
Corporate Transparency Act BOI injunction lifted
The Corporate Transparency Act (CTA) enforcement deadline is back in effect following a December 23, 2024, ruling by the US Court of Appeals for the Fifth Circuit. This decision reversed a nationwide injunction that had temporarily blocked the law's implementation.
What local transportation costs can your business deduct?
You and your small business likely incur a variety of local transportation costs each year. Commuting costs aren’t deductible, but the cost of any local trips you take for business purposes is a deductible business expense. Contact the CPAs and tax advisors at SEK with your tax deduction questions.
Healthy savings: How tax-smart HSAs can benefit your small business and employees
As a small business owner, managing health care costs for yourself and your employees is challenging. So you may want to provide some benefits through an employer-sponsored Health Savings Account (HSA). For eligible individuals, HSAs are a tax-advantaged way to set aside funds (or have their employers do so) to meet medical needs. Contact the business advisors at SEK with questions.
Corporate Transparency Act blocked nationwide by Texas court
The Corporate Transparency Act and its implementing regulations, which require US business entities to report stakeholder information to the Treasury Department, were preliminarily blocked nationwide by a Texas federal court on Tuesday.
When can you deduct business meals and entertainment?
Business-related meal deductions can be valuable, but the rules can be complex. Under current law, your business can’t deduct most entertainment expenses. There are, of course, several exceptions. Contact the business tax advisors at SEK if you want more information.
Self-employment tax: A refresher on how it works
Do you own a growing, unincorporated small business, and are you concerned about high self-employment (SE) tax? The SE tax is how Social Security and Medicare taxes are collected from self-employed individuals. Contact the CPAs and tax advisors at SEK if you have questions or want more information about the SE tax and ways to reduce it by operating as an S corporation.
The amount you and your employees can save for retirement is going up slightly in 2025
How much can you and your employees contribute to your 401(k)s next year? The IRS recently announced the 2025 cost-of-living adjustments. Read here for the 2025 401(k) contribution limit, the catch-up contribution limit for employees who are age 50 or over and participate in 401(k), and there will be a new catch-up contribution amount for taxpayers age 60, 61, 62 or 63. Contact the tax advisors at SEK with questions.
Traveling for business? What can you deduct?
As a business owner, you may travel to visit customers, attend conferences, check on vendors and for other purposes. Understanding which travel expenses are tax deductible can significantly affect your bottom line. Contact the CPAs and tax advisors at SEK to get the most of your tax deductions and remain compliant.
2025 Cost of Living Adjustments
The IRS recently released the 2025 cost of living adjustments for retirement plans and related items. Use the chart below to view the adjustments, or view a printable version.