Tax Mechanics Involved in the Sale of Trade or Business Property
What are the tax consequences of selling property used in your trade or business? There are many rules that can potentially apply to the sale of business property. Thus, to […]
Category: Tax
Tax Considerations When Adding a New Partner to Your Business
Adding a new partner to a partnership has several financial and legal implications. Let’s say you and your partners are planning to admit a new partner. The new partner will […]
S Corporation Vs. LLC: The Way a Manufacturing Company Is Structured Affects Taxes and More
For decades, owners of small to midsize manufacturing companies have opted for the S corporation form of ownership, rather than being subject to the double taxation of C corporations. However, […]
Fully Deduct Business Meals this Year
The federal government is helping to pick up the tab for certain business meals. Under a provision that’s part of one of the COVID-19 relief laws, the usual meal deduction […]
2022 Q2 Tax Calendar: Key Deadlines for Businesses & Other Employers
Q2 Tax Calendar Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2022. Keep in mind that this Q2 […]
Ways Your Business can Accelerate Taxable Income and Defer Deductions
Typically, businesses want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it prudent to do the opposite? And why […]
IRS Provides Clarification Related to Employee Retention Credits
The Internal Revenue Service (IRS) has provided guidance to clarify uncertainties related to the Employee Retention Credit (ERC), which was originally set to expire on Jan. 1, 2022, but was […]
Establish a Tax-Favored Retirement Plan
If your business doesn’t already have a retirement plan, now might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions. For example, […]
Does Your Business Barter? Here are Some Facts You Should Know
In today’s economy, many small businesses are strapped for cash. They may find it beneficial to barter or trade for goods and services instead of paying cash for them. Bartering […]
Can You Deduct the Costs of a Spouse on a Business Trip?
If you own your own company and travel for business, you may wonder whether you can deduct the costs of having your spouse accompany you on trips. The rules for […]
IRS Warns Taxpayers of Tax-Related Scams
As tax season begins, the Internal Revenue Service reminds taxpayers to protect their personal and financial information and watch out for IRS impersonation scams, along with other schemes, that try […]
Important Tax Aspects of Operating Your Business as a Sole Proprietor
If you’re in business for yourself as a sole proprietor, or you’re planning to start a business, you need to know about the tax aspects of your venture. 8 Issues […]
