Entrepreneurs and taxes: How expenses are claimed on tax returns
02/14/2022
While some businesses have closed since the start of the COVID-19 crisis, many new ventures have launched. Entrepreneurs have cited many reasons why they decided to start a business during […]
Tax Tips
Will the standard business mileage rate go up in 2022? Yes!
02/4/2022
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 […]
Tax Tips
Defer tax with a like-kind exchange
01/31/2022
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” […]
Tax Tips
Businesses with employees who receive tips may be eligible for a tax credit
01/26/2022
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 […]
Tax Tips
Providing a company car? Here’s how taxes are handled
12/27/2021
The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This perk results in tax deductions for the employer as well as […]
Tax Tips
The tax implications of owning a corporate aircraft
12/20/2021
If your business is successful and you do a lot of business travel, you may have considered buying a corporate aircraft. Of course, there are tax and non-tax implications for […]
Tax Tips
Small businesses: There still may be time to cut your 2021 taxes
12/15/2021
Don’t let the holiday rush keep you from considering some important steps to reduce your 2021 tax liability. You still have time to execute a few strategies. Purchase assets Thinking […]
Tax Tips
Businesses can show appreciation — and gain tax breaks — with holiday gifts and parties
11/29/2021
With Thanksgiving just around the corner, the holiday season will soon be here. At this time of year, your business may want to show its gratitude to employees and customers […]
Tax Tips
Many factors are involved when choosing a business entity
11/17/2021
Are you planning to launch a business or thinking about changing your business entity? If so, you need to determine which entity will work best for you — a C […]
Tax Tips
Employers: The Social Security wage base is increasing in 2022
10/28/2021
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for 2022 (up from $142,800 for 2021). Wages and self-employment income […]
Tax Tips
Got an endowment? You need an investment advisor
10/20/2021
Since the beginning of the pandemic, financial markets have been riding a roller coaster. This volatility is a good reminder that if your nonprofit has an endowment, it could benefit […]
Tax Tips
M&A transactions: Be careful when reporting to the IRS
10/15/2021
Low interest rates and other factors have caused global merger and acquisition (M&A) activity to reach new highs in 2021, according to Refinitiv, a provider of financial data. It […]
