Construction and Real Estate

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OBBBA Tax Provisions

The One, Big, Beautiful Bill Act (OBBBA) includes a number of favorable changes that will affect small business taxpayers, and some unfavorable changes too. Find out which OBBBA tax provisions apply to your business.
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Zero-Interest Environmental Loans

The Minnesota Pollution Control Agency (MPCA) offers zero-interest direct loans to small businesses who are considering an equipment upgrade, site cleanup, or other environmentally beneficial project.
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Protect Your Business Expense Deductions

If you’re claiming deductions for business meals or vehicle expenses, there are strict substantiation rules that must be followed to protect your business expense deductions.
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Start Up Costs and Taxes

Before you open for business, learn how startup costs are handled on a federal tax return.
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Reasonable Compensation and the IRS

Determining “reasonable compensation” is a critical issue for owners of C corporations and S corporations. If the IRS believes an owner’s compensation is unreasonably high or low, it may disallow certain deductions or reclassify payments, potentially leading to penalties, back taxes and interest.
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How to Correctly Hire Independent Contractors

Misclassifying employees as independent contractors can result in expensive consequences if the IRS reclassifies them. But determining if a worker is a contractor or an employee can be complex.
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Summer Business Trip Deductions

If you or your employees are heading out of town on a business trip this summer, it’s important to understand the travel deduction tax rules. To qualify, the trip must be necessary for business purposes and require an overnight stay within the U.S.
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Small Business May Consider a SEP or SIMPLE Retirement Plan

As a small business owner, you might hesitate to establish a retirement plan due to the administrative complexities involved. However, there are two retirement plans worth considering that come with fewer requirements than traditional qualified retirement plans.
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Can You Turn a Business Loss Into Tax Relief?

Even well-run companies experience down years. The federal tax code may allow a bright strategy to lighten the impact. In some cases a business loss, within limits, may be used to reduce taxable income in later years.
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100% Penalty for Small Businesses

Unpaid taxes withheld from your company’s employees might hit you harder than you think. Find out how the 100% penalty can affect your personal finances.
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Rental Real Estate Losses

Real estate professionals can use an exception when deducting rental real estate losses, as long as certain requirements are met.
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Payroll Tax Compliance Tips for Businesses

Payroll tax compliance is crucial for small businesses. Mistakes can lead to fines, strained employee relationships, and even legal consequences. This article has tips to help you stay on track.
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1031 Exchange: What Qualifies and Where Investors Get Tripped Up

Discover how 1031 exchanges can be a game-changer for real estate investors, offering a strategy to defer capital gains taxes while reinvesting in like-kind properties. This guide dives into the mechanics, eligibility, and potential pitfalls of executing a successful 1031 exchange.
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Business Succession Options and Tax Implications

When it’s time to consider your company's future, business succession planning can protect your legacy and successfully set up the next generation of leaders or owners. Business succession options have tax implications. Read to learn more.
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Property Upgrades – Repairs vs. Improvements

Navigating the fine line between repairs and improvements on your property upgrades can significantly impact your tax liabilities. Discover how the IRS classifies these expenses, explore key safe harbors, and learn strategies to maximize your tax benefits.
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