There’s more than one way for businesses to claim depreciation tax deductions. By combining them, you can get optimal tax-saving results. Continue Reading Coordinating Sec. 179 tax deductions with bonus depreciation
Many retirees are surprised to find out that some of their Social Security benefits are hit with federal income tax. Will you be one of them? Here are the rules. Continue Reading Beware of a stealth tax on Social Security benefits
The qualified business income (QBI) deduction is scheduled to disappear after 2025. Congress could extend it, but don’t count on it. Here’s what you need to know to make the most of it while you can. Continue Reading Maximize the QBI deduction before it’s gone
Is your business using the optimal method of accounting? What’s right depends on your company’s size, level of sophistication and other key factors. Continue Reading Cash vs. accrual accounting: What’s the difference?
As you may know, dividends paid out by a corporation are taxable to shareholders and can’t be deducted by the business. But there may be ways to get cash out of your closely held corporation without dividend treatment. Continue Reading Tax-wise ways to take cash from your corporation while avoiding dividend treatment
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Advantages of keeping your business separate from its real estate
/in Tax/by KKB CPAsIt may be advantageous to separate ownership of a business’s real estate from the business. But it isn’t always advisable. Here’s a look at the issues. Continue Reading Advantages of keeping your business separate from its real estate
Cutoffs: When to report revenue and expenses
/in Tax/by KKB CPAsDoes your company follow the cutoff rules? Loose interpretation of the accounting rules can lead to errors and unexpected audit adjustments. Here’s how to get it right. Continue Reading Cutoffs: When to report revenue and expenses
Help ensure your partnership or LLC complies with tax law
/in Tax/by KKB CPAsGuaranteed payments to partners and payments to retired partners are just two of the tax issues that should be addressed in your partnership (or LLC operating) agreement. Here are the details. Continue Reading Help ensure your partnership or LLC complies with tax law