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 […]
Post Author: David Reape CPA
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 […]
Improperly Forgiven Paycheck Protection Program Loans Are Taxable
The Internal Revenue Service recently issued guidance addressing improper forgiveness of a Paycheck Protection Program loan (PPP loan). The guidance confirms that, when a taxpayer’s loan is forgiven based upon […]
2022 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 of 2022. Keep in mind that this list isn’t all-inclusive, so there may […]
Year-End Planning Ideas for Your Small Business Taxes
Now that Labor Day has passed, it’s a good time to think about making moves that may help lower your small business taxes for this year and next. The standard […]
Inflation Reduction Act Provisions of Interest to Small Businesses
The Inflation Reduction Act (IRA), signed into law by President Biden on August 16, contains many provisions related to climate, energy and taxes. There has been a lot of media […]
Why an LLC Might be the Best Choice of Entity for Your Business
The business entity you choose can affect your taxes, personal liability, and other issues. A limited liability company (LLC) is somewhat of a hybrid entity in that it can be […]
How to Treat Business Website Costs for Tax Purposes
These days, most businesses have websites. But surprisingly, the IRS hasn’t issued formal guidance on when website costs can be deducted. Fortunately, established rules that generally apply to the deductibility […]
