Bartering Is a Taxable Transaction Even If No Cash Is Exchanged
If your small business is strapped for cash (or likes to save money), you may find it beneficial to barter or trade for goods and services. Bartering isn’t new — […]
Category: Tax
BOI Reporting Update & SCAM Alert!
Most small businesses in the US must now report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCen), or face noncompliance penalties. Those who have an ownership […]
Better Tax Break When Applying the Research Credit Against Payroll Taxes
The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to certain eligible small businesses. Claiming the credit […]
Taking Your Spouse on a Business Trip? Can You Write Off the Costs?
A recent report shows that post-pandemic global business travel is going strong. The market reached $665.3 billion in 2022 and is estimated to hit $928.4 billion by 2030, according to […]
What’s the Best Accounting Method Route for Business Tax Purposes?
Businesses basically have two accounting methods to figure their taxable income: cash and accrual. Many businesses have a choice of which method to use for tax purposes. The cash method […]
9 Tax Considerations If You’re Starting a Business as a Sole Proprietor
When launching a small business, many entrepreneurs start out as sole proprietors. If you’re launching a venture as a sole proprietorship, you need to understand the tax issues involved. Here […]
Update on IRS Efforts to Combat Questionable Employee Retention Tax Credit (ERTC) Claims
The Employee Retention Tax Credit (ERTC) was introduced back when COVID-19 temporarily closed many businesses. The credit provided cash that helped enable struggling businesses to retain employees. Even though the […]
Should Your Business Offer the New Emergency Savings Accounts to Employees?
As part of the SECURE 2.0 law, there’s a new benefit option for employees facing emergencies. It’s called a pension-linked emergency savings account (PLESA) and the provision authorizing it became […]
Tax-Favored Qualified Small Business Corporation Status Could Help You Thrive
Operating your small business as a Qualified Small Business Corporation (QSBC) could be a tax-wise idea. Tax-Free Treatment for Eligible Stock Gains QSBCs are the same as garden-variety C corporations […]
Defer a Current Tax Bill With a Like-Kind Exchange
If you’re interested in selling commercial or investment real estate that has appreciated significantly, one way to defer a tax bill on the gain is with a Section 1031 “like-kind” […]
The Standard Business Mileage Rate Will Be Going Up Slightly in 2024
In 2024, the optional standard mileage rate used to determine the deductible cost of operating a business automobile will increase by 1.5 cents per mile. According to the IRS, the […]
2024 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may […]
