The Tax Consequences of Selling Business Property
You need to be aware of the tax implications of selling property used in your trade or business. Many complex rules can potentially apply. To simplify this discussion, let’s assume […]
Post Author: David Reape CPA
2024 Q3 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 third quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may […]
Hiring Your Child to Work at Your Business This Summer
With school out, you might be hiring your child to work at your company. In addition to giving your son or daughter some business knowledge, you and your child could […]
Thinking Ahead to Your Next Form 990
The deadline for most not-for-profits to file Form 990 with the IRS (May 15, 2024) has come and gone. Assuming your organization operates on a calendar-year tax basis and filed […]
Should You Convert Your Business Entity From a C to an S Corporation?
Choosing the right business entity has many implications, including the amount of your tax bill. The most common business structures are sole proprietorships, partnerships, limited liability companies, C corporations and […]
When Partners Pay Expenses Related to the Business
It’s not unusual for a partner to incur expenses related to the partnership’s business. This is especially likely to occur in service partnerships such as an architecture or law firm. […]
When Businesses May Want to Take a Contrary Approach With Income and Deductions
Businesses usually want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it wise to do the opposite? And why […]
Don’t Have a Tax-Favored Retirement Plan? Set One Up Now
If your business doesn’t already have a retirement plan, it might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions. For example, […]
2024 Q2 Tax Calendar: Key Deadlines for Businesses and Employers
Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2024. Keep in mind that this list isn’t all-inclusive, so […]
Coordinating Sec. 179 Tax Deductions With Bonus Depreciation
Your business should generally maximize current year depreciation write-offs for newly acquired assets. Two federal tax breaks can be a big help in achieving this goal: first-year Section 179 depreciation […]
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 — […]
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 […]
