Tax Archives - Page 10 of 30 - HW&Co. CPAs and Advisors

2023 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers

By: David M. Reape

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may […]

Do You Qualify for the QBI Deduction? And Can You Do Anything by Year-End to Help Qualify?

By: David M. Reape

If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or the […]

Choosing a Business Entity? Here Are the Pros and Cons of a C Corporation

By: David M. Reape

If you’re launching a new business venture, you’re probably wondering which form of business is most suitable. Here is a summary of the major advantages and disadvantages of doing business […]

Intangible Assets: How Must the Costs Incurred Be Capitalized?

By: David M. Reape

These days, most businesses have some intangible assets. The tax treatment of these assets can be complex. What Makes Intangibles So Complicated? IRS regulations require the capitalization of costs to: […]

Closing Your Business? Here are Your Final Tax Responsibilities

By: David M. Reape

Businesses shut down for many reasons. Some of the reasons that businesses shutter their doors: An owner’s retirement, A lease expiration, Staffing shortages, Partner conflicts, and Increased supply costs. If […]

Computer Software Costs: How Does Your Business Deduct Them?

By: David M. Reape

These days, most businesses buy or lease computer software to use in their operations. Or perhaps your business develops computer software to use in your products or services or sells […]

2023 Limits for Businesses That Have an HSA — Or Want to Establish One

By: Mary Eileen Vitale CPA CFP AEP

No one needs to remind business owners that the cost of employee health care benefits keeps going up. One way to provide some of these benefits is through an employer-sponsored […]

Inflation Means You and Your Employees Can Save More for Retirement in 2023

By: Mary Eileen Vitale CPA CFP AEP

How much can you and your employees contribute to your 401(k)s next year — or other retirement plans? In Notice 2022-55, the IRS recently announced cost-of-living adjustments that apply to […]

Employers: In 2023, the Social Security Wage Base is Going Up

By: David M. Reape

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $160,200 for 2023 (up from $147,000 for 2022). Wages and self-employment income […]

What Local Transportation Costs Can Your Business Deduct?

By: David M. Reape

You and your small business are likely to incur a variety of local transportation costs each year. There are various tax implications for these expenses. First, what is “local transportation?” […]

Taxpayers Affected by Hurricane Ian Receive Tax Relief

By: David M. Reape

The IRS announced that hurricane-impacted taxpayers in Florida, North Carolina, and South Carolina will receive tax relief as part of the disaster declaration issued by the Federal Emergency Management Agency […]

Worried About an IRS Audit? Prepare in Advance

By: David M. Reape

IRS audit rates are historically low, according to a recent Government Accountability Office (GAO) report, but that’s little consolation if your return is among those selected to be examined. Plus, […]

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