The Standard Business Mileage Rate is Going Up in 2023
Although the national price of gas is a bit lower than it was a year ago, the optional standard mileage rate used to calculate the deductible cost of operating an […]
Post Author: David Reape CPA
2023 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 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?
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
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?
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
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?
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 […]
Employers: In 2023, the Social Security Wage Base is Going Up
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?
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
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 […]
Worried About an IRS Audit? Prepare in Advance
IRS audit rates are historically low, according to a recent Government Accountability Office (GAO) report, but that’s little consolation if your return is among those selected to be examined. Plus, […]
Work Opportunity Tax Credit Provides Help to Employers
In today’s tough job market and economy, the Work Opportunity Tax Credit (WOTC) may help employers. Many business owners are hiring and should be aware that the WOTC is available […]
