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Research Tax Credit

June 16, 2022

If your small business or start-up is planning to claim the research tax credit, there’s an option to get immediate use of the research tax credit. Subject to limits, you can elect to apply all or some of any research tax credits against payroll taxes instead of your income tax.

Estimated Tax Payment

June 7, 2022

The next quarterly estimated tax payment deadline is June 15 for individuals and businesses so it’s a good time to review the rules for computing corporate federal estimated tax payments. You want your business to pay the minimum estimated tax payment without triggering the penalty for underpayment of estimated tax.

HSA Amounts for 2023

May 9, 2022

The IRS recently announced the HSA amounts for 2023, which have been adjusted for inflation. High inflation rates will result in next year’s amounts being increased more than they have been in recent years.

Adding a New Partner?

April 21, 2022

Adding a new partner in a partnership has several financial and legal implications that need to be addressed.

C-Corporation to S-Corporation

April 11, 2022

Should you switch from a C-Corporation to S-Corporation? If you are thinking about switching entity types, there are a number of important issues you need to look at before finalizing your decision of which is best in your particular circumstances.

Business Meal Deduction

April 4, 2022

Believe it or not, the federal government is helping to pick up the tab for certain business meals. To help struggling restaurants during the pandemic, the Consolidated Appropriations Act temporarily doubled the business meal deduction for 2021 and 2022.

Maybe Accelerate and Defer?

March 28, 2022

Typically, businesses want to defer recognition of taxable income into future years and accelerate deductions into the current year. However, sometimes would it be prudent to do the opposite and maybe accelerate and defer? And why would you want to?

Tax-Favored Retirement Plan

March 28, 2022

VIDEO: If your business doesn’t already have a retirement plan, now might be a good time to explore the benefits of a tax-favored retirement plan. Current retirement plan rules allow for significant tax-deductible contributions.

Spouse’s Travel Costs

February 22, 2022

Company owners frequently ask what costs are deductible if their spouse accompanies them on a business trip. One must remember that the rules for deducting a spouse’s travel costs are very restrictive unless your spouse is a bona fide employee. This requirement prevents tax deductibility in most cases.

Withdraw Cash from Company

February 16, 2022

The simplest way to withdraw cash from closely-held corporations is to distribute the cash as a dividend. However, this isn't tax-efficient because it is taxable to you to the extent of your corporation's "earnings and profits," It is also not deductible by the corporation. But, there are alternate methods.

Keeping Remote Workers Connected

February 16, 2022

Many employees have appreciated the opportunity to work from home, but not all of them and some remote workers feel disconnected and isolated. If you plan to make remote working a part of your company, you need ways of keeping remote workers connected to their jobs and colleagues.

Sole Proprietor Tax Issues

February 11, 2022

Sole proprietor tax issues are important considerations for new and existing businesses. In this article are eight important issues to consider.

Deductible Expenses & Good Records

January 31, 2022

Two things that business owners need to remember are that deductible expenses & good records can make life easier when filing taxes and help defend the expenses if the IRS conducts an audit.

2022 First-Quarter Tax Deadlines

January 4, 2022

Businesses face several 2022 first-quarter tax deadlines. This list is not all-inclusive, and additional deadlines may apply to you. Also, remember that this list isn’t all-inclusive, so there may be other deadlines that apply to you.

Corporate Aircraft Tax Implications

December 6, 2021

You may have considered purchasing a corporate aircraft if you do a lot of business travel. But of course, you need to be aware of the tax implications before you spend the money.