David Reape CPA Archives - Page 3 of 19 - HW&Co. CPAs and Advisors

Taking Your Spouse on a Business Trip? Can You Write Off the Costs?

By: David M. Reape

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?

By: David M. Reape

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

By: David M. Reape

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

By: David M. Reape

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 […]

Defer a Current Tax Bill With a Like-Kind Exchange

By: David M. Reape

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

By: David M. Reape

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

By: David M. Reape

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 […]

Giving Gifts and Throwing Parties Can Help Show Gratitude and Provide Tax Breaks

By: David M. Reape

The holiday season is here. During this festive season, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s […]

A Company Car Is a Valuable Perk But Don’t Forget About Taxes

By: David M. Reape

One of the most appreciated fringe benefits for owners and employees of small businesses is the use of a company car. This perk results in tax deductions for the employer […]

Key 2024 inflation-adjusted tax parameters for small businesses and their owners

By: David M. Reape

The IRS recently announced various inflation-adjusted federal income tax amounts. Here’s a rundown of the amounts that are most likely to affect small businesses and their owners. Rates and brackets […]

New Per Diem Business Travel Rates Kicked In on October 1

By: David M. Reape

Are employees at your business traveling and frustrated about documenting expenses? Or perhaps you’re annoyed at the time and energy that goes into reviewing business travel expenses. There may be […]

How Some Taxpayers Get Caught in Tax-Avoidance Schemes

By: David M. Reape

Although the majority of tax preparers are ethical and assist their clients in filing timely and accurate tax returns, a minority misuse their position of trust. For example, they may […]

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