For income tax purposes, a business loss generally occurs when a business’s deductions for the year exceed its revenue. Any business, whether new or established, can face losses. Fortunately, the net operating loss (NOL) deduction can turn the pain of a loss this year into tax savings for next year and, perhaps, beyond. How to […]
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. For most areas within the continental United States, the per diem rate for October 1, 2025, through September 30, 2026, is $225 ($151 for lodging and $74 for meals and incidental […]
Sasserath & Co. is pleased to announce Senior Tax Associate Alexander vonStrandtmann has been selected by Long Island Business News as an honoree of the 2025 Business & Finance Awards. The Leaders in Business & Finance awards recognizes financial professionals who have made outstanding contributions to their organizations and to the Long Island community during the past year. VonStrandtmann […]
Charities obviously benefit when you donate cash and property to them. But you can also benefit by securing a tax deduction if you comply with the tax rules. Start by ensuring you’re donating to a qualified charitable organization with tax-exempt status. A tool on the IRS website — the Exempt Organizations Select Check — allows […]
Even during the last two months of the year, you can take steps to reduce your 2025 tax liability. Here are five practical strategies to consider. 1. Use bunching to maximize deductions If your itemized deductions are close to the standard deduction, consider a “bunching” strategy. This means timing certain payments (such as mortgage interest, […]
Holiday season is here once again, and for some workplaces, that means holiday parties. Although the rules for deducting business entertainment expenses changed several years ago, you may still qualify for some holiday party write-offs for this year, possibly even the entire cost. As you plan, understand the rules so you can avoid potentially costly […]