Providing a Company Car? Here’s How Taxes are Handled
The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This perk results in tax deductions for the employer as well as […]
Post Author: David Reape CPA
The Tax Implications of Owning a Corporate Aircraft
If your business is successful and you do a lot of business travel, you may have considered buying a corporate aircraft. Of course, there are tax and non-tax implications for […]
Important Reminders for Charitable Giving in 2021
With the kickoff of the giving season, many people will be donating to charitable organizations. Taxpayers may be able to deduct donations to tax-exempt organizations on their tax returns. Here […]
Small Businesses: There Still May Be Time to Cut Your 2021 Taxes
Don’t let the holiday rush keep you from considering some important steps to reduce your 2021 tax liability. You still have time to execute a few strategies to potentially cut […]
IRS Tax Tip: Depreciation of Property Deductions for Small Business Owners
The IRS issued Tax Tip 2021-173, which addresses the depreciation of property deductions for small business owners. Depreciable property includes vehicles, buildings, equipment, machinery, and furniture; it does not include […]
Infrastructure Law Sunsets Employee Retention Credit (ERC) Early
The Employee Retention Credit (ERC) was a valuable tax credit that helped employers survive the COVID-19 pandemic. A new law has retroactively terminated it before it was scheduled to end. […]
Businesses Can Show Appreciation — And Gain Tax Breaks — With Holiday Gifts and Parties
With Thanksgiving just around the corner, the holiday season will soon be here. At this time of year, your business may want to show its gratitude to employees and customers […]
IRS Announces Increase to 401(k) Plan Limits for 2022
The IRS announced on November 4th that employee 401(k) contributions for 2022 will rise to $20,500 from $19,500. Additionally, plan participants who are 50 or older can contribute an extra […]
Employers: The Social Security Wage Base is Increasing in 2022
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for 2022 (up from $142,800 for 2021). Wages and self-employment income […]
Get Your Piece of the Depreciation Pie Now With a Cost Segregation Study
If your business is depreciating over a 30-year period the entire cost of constructing the building that houses your operation, you should consider a cost segregation study. It might allow […]
New Per Diem Business Travel Rates Became Effective on October 1
Are employees at your business traveling again after months of virtual meetings? In Notice 2021-52, the IRS announced the fiscal 2022 “per diem” travel rates that became effective October 1, […]
2021 Q4 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 fourth quarter (Q4) of 2021. Keep in mind that this list isn’t all-inclusive, so there […]
