Deferred Social Security Payments are Due 12/31/22 The IRS is reminding employers and those who are self-employed, who deferred paying part of their Social Security tax in 2020, that the second installment of that deferred amount is […]
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 […]