Recent News & Blog / Business Tax
Ways to manage the limit on the business interest expense deduction
Current tax law generally limits deductions of business interest, with certain exceptions. Unless your company is exempt, your maximum business interest deduction for the tax year equals the sum of 1) 30% of your company’s adjusted taxable income (ATI), 2) your company’s business interest income, if any, and 3) your company’s floor plan financing interest, if any. If your company is affected by the business interest deduction limitation, contact our business tax advisors to see if you can avoid it or reduce the impact.
If you run a business from home, you could qualify for home office deductions
If you’re self-employed and run your business from home or perform certain functions there, you might be able to claim deductions for home office expenses against your business income. There are two methods for claiming this tax break: the actual expense method and the simplified method.
Do you have an excess business loss?
If an individual taxpayer has substantial business losses, unfavorable federal income tax rules may come into play and things can get complicated. Contact the CPAs and business tax advisors at SEK with any questions.
BOI injunction lifted: FinCEN grants 30-day filing delay
Important Update: On February 28, 2025, FinCEN announced an extension of the March 21, 2025 BOI reporting deadline and has temporarily suspended enforcement.
Questions about taxes and tips? Here are some answers for employers
Businesses in certain industries employ service workers who receive tips as a large part of their compensation. These businesses include restaurants, hotels and salons. Compliance with federal and state tax regulations is vital if your business has employees who receive tips. Contact SEK's business tax advisors with your tax questions.
Many business tax limits have increased in 2025
A variety of tax-related limits that affect businesses increased in 2025 based on inflation. And most limits related to employer-sponsored retirement plans, such as 401(k)s, are higher this year. Contact the business tax advisors and CPAs at SEK if you have questions about your tax situation.
Businesses: The Form W-2 and 1099-NEC deadline is coming up fast
The deadline is here for businesses to submit certain information returns to the government and furnish them to workers. By Jan. 31, 2025, employers must file Forms W-2 that show the wages paid and taxes withheld for 2024 for each employee. Employers must also file Form W-3 to transmit Copy A of Form W-2 to the SSA. The Jan. 31 deadline also applies to Form 1099-NEC. Contact the business tax advisors at SEK with questions.
The standard business mileage rate increased in 2025
The optional standard mileage rate used to calculate the tax-deductible cost of operating a business vehicle increased in 2025. The standard mileage rate is adjusted annually and calculated based on driving costs, including the price of gas. Contact the tax advisors at SEK with questions about tax-deductions.
Small business strategy: A heavy vehicle plus a home office equals tax savings
Your small business may be eligible for big first-year Section 179 depreciation tax deductions for new and used heavy SUVs, pickups and vans placed in service in 2025. You must use the vehicle more than 50% for business. The write-off will reduce your federal income tax and self-employment tax bill, if applicable. Contact the business tax advisors at SEK with your tax deduction questions.
New annual report requirement for Pennsylvania businesses in 2025
Starting in 2025, Pennsylvania businesses will need to comply with a new annual report requirement introduced by the Pennsylvania Department of State.