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?
The optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2022 by 2.5 cents per mile. Continue Reading Will the Standard Business Mileage Rate Go Up in 2022? Yes!
When customers make last-minute changes to contracts, it can be frustrating, and the accounting rules for reporting change orders can be complex. Continue Reading How to Account for Change Orders
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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