Technology and Risk

Categories

2022 Second-Quarter Tax Deadlines

March 28, 2022

Here are some of the key 2022 second-quarter tax deadlines that apply to businesses and other employers. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the

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.

R&D Credit Tax Break

March 1, 2022

The research and development - R&D credit, is a tax break for eligible businesses. The credit calculations require complex calculations, which we can take care of for you. But in addition to the credit itself, the credit also has several valuable features for small businesses.

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 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.

Business Tax Limit Increases in 2022

January 25, 2022

Due to annual indexing for inflation, you will see many business tax limit increases in 2022. Here are some that may be important to you and your business.

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.

2022 Standard Mileage Rate

December 29, 2021

The 2022 standard mileage rate used to calculate the deductible cost of operating a vehicle for business will increase to 58.5 cents per mile, up from 56 cents per mile.

Fringe Benefits of a Company Vehicle and How Taxes are Handled

December 14, 2021

The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. The employer receives tax deductions and it also provides tax breaks for the owners and employees who use the vehicles.

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.

Kelly M. Salwei, CPA, CMA, to Retire August 31

December 1, 2021

Kelly joined Olsen Thielen in 1985, after six years with a CPA firm in northern Minnesota. We thank Kelly for his leadership in our Eden Prairie office and offer him our best wishes as he transitions to his new role as a retiree.