Learn how to deduct 100% of the cost of items as bonus depreciation. Continue Reading Small businesses: There still may be time to cut your 2021 taxes
To help you make sure you don’t miss any important 2022 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Continue Reading 2022 Tax Calendar
Businesses must keep records of their income and expenses. Carefully record them in order to claim the full amount of tax deductions to which you’re entitled. Continue Reading Keeping Meticulous Records is the Key to Tax Deductions and Painless IRS Audits
While some businesses have closed since the start of the COVID-19 crisis, many new ventures have launched. If you’ve recently started a new business, or you’re contemplating starting one, be aware of the tax implications. Continue Reading Entrepreneurs and Taxes: How Expenses are Claimed on Tax Returns
A number of tax limits affecting businesses are annually indexed for inflation and many have increased for 2022. Continue Reading Numerous Tax Limits Affecting Businesses Have Increased for 2022
While Congress didn’t pass the Build Back Better Act in 2021, there are still tax changes that may affect your tax situation for this year. Continue Reading How Will Revised Tax Limits Affect Your 2022 Taxes?
Are you an employer who owns a business where tipping is customary for providing food and beverages? You may qualify for a valuable tax credit involving the Social Security and Medicare (FICA) taxes that you pay on your employees’ tip income. Continue Reading Businesses with Employees Who Receive Tips May Be Eligible for a Tax Credit
When reviewing your company’s inventory practices, start by evaluating whether you’re using the right accounting method. Continue Reading Reporting and Managing Inventory
Do you want to sell commercial or investment real estate that has appreciated significantly? Continue Reading Defer Tax with a Like-Kind Exchange
Key performance indicators (KPIs) are the keys to operating a successful business, especially during times of uncertainty. Continue Reading KPIs: What Are They, and Which Ones Count?
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Are you liable for two additional taxes on your income?
/in Tax/by KKB CPAsHigher-income folks may be subject to a couple extra taxes, in addition to federal income tax. Here’s an explanation of the 3.8% net investment income tax and a 0.9% additional Medicare tax. Continue Reading Are you liable for two additional taxes on your income?
Understanding taxes on real estate gains
/in Tax/by KKB CPAsIf you’re the owner of a pass-through entity, the federal income tax rules for gains from the sale of business real estate or vacant land may be more complicated than you thought. Here’s a look at the issues. Continue Reading Understanding taxes on real estate gains
Cash or accrual accounting: What’s best for tax purposes?
/in Tax/by KKB CPAsChoosing between the cash method of accounting and the accrual method for tax purposes can impact your tax situation. But not all businesses qualify for both methods. Continue Reading Cash or accrual accounting: What’s best for tax purposes?