Does Your Business Barter? Here are Some Facts You Should Know
In today’s economy, many small businesses are strapped for cash. They may find it beneficial to barter or trade for goods and services instead of paying cash for them. Bartering […]
Post Author: David Reape CPA
Can You Deduct the Costs of a Spouse on a Business Trip?
If you own your own company and travel for business, you may wonder whether you can deduct the costs of having your spouse accompany you on trips. The rules for […]
Important Tax Aspects of Operating Your Business as a Sole Proprietor
If you’re in business for yourself as a sole proprietor, or you’re planning to start a business, you need to know about the tax aspects of your venture. 8 Issues […]
Good Business Records Maximize Tax Deductions & Reduce Audit Issues
If you operate a business, or you’re starting a new one, you know you need to keep business records of your income and expenses. Specifically, you should carefully record your […]
IRS Information Letter 6419 for Advance Child Tax Credit May Contain Incorrect Information
The IRS announced Monday that recipients of Letter 6419, which addresses 2021 advance Child Tax Credit (CTC) payments, should double-check the information it contains, as some letters may provide outdated […]
How Start-up Expenses are Claimed on Tax Returns
While some businesses have closed since the start of the COVID-19 crisis, many new ventures have launched. Entrepreneurs have cited a number of reasons why they decided to start a […]
Numerous Tax Limits Affecting Businesses Have Increased for 2022
Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022. Here’s a rundown of those that may be important to […]
Businesses With Employees Who Receive Tips May Be Eligible for a FICA Tax Credit
If you’re an employer with a business where tipping is customary for providing food and beverages, you may qualify for a federal tax credit involving the Social Security and Medicare […]
Save Your IRS Information Letters: Advance Child Tax Credit and Third Economic Impact Payments
The IRS is issuing information letters to recipients of the Advance Child Tax Credit (CTC) and the third round of the Economic Impact Payments (EIP). Our accountants are encouraging recipients […]
Defer Tax With a Like-Kind Exchange
Do you want to sell 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” […]
Will the Standard Business Mileage Rate Go Up in 2022? Yes!
After two years of no increases, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2022 by […]
2022 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 2022. Keep in mind that this list isn’t all-inclusive, so there may […]
