Many businesses have a choice of using cash or accrual accounting for tax purposes. If you’re one of them, which route should you take? Here are the rules. Continue Reading What’s the best accounting method route for business tax purposes?
If you’re a small business owner, you may be reluctant to set up a retirement plan because of the administrative burdens. Here are two options to consider that have far fewer requirements than traditional qualified retirement plans. Continue Reading Retirement saving options for your small business: Keep it simple
Hiring a bookkeeper for your small business can be a daunting task. Here are some helpful tips. Continue Reading Now hiring: 10 questions to ask bookkeeper candidates
With Republicans now in control of the U.S. House of Representatives, what’s the fate of prospective tax legislation in 2023? Continue Reading Reading the tea leaves: Potential tax legislation in the new Congress
If you’re a parent, you know that children are expensive. Fortunately, there’s a federal Child Tax Credit that may help you with the expenses. Here are the current rules. Continue Reading Child tax credit: The rules keep changing but it’s still valuable
Breaking into a retirement plan before age 59½ may result in a penalty tax. But there are exceptions. Here are the rules, along with what happened to one taxpayer who tried to avoid the penalty because he had diabetes. Continue Reading Retirement plan early withdrawals: Make sure you meet the requirements to avoid a penalty
Have you heard ads on TV telling businesses how they can claim a huge Employee Retention Credit? It might be possible for some employers but it also might be too good to be true. Continue Reading Employers should be wary of ERC claims that are too good to be true
The Inflation Reduction Act’s Clean Vehicle Credit might alter the timing of purchasing a new or used qualifying electric vehicle. Learn why. Continue Reading Clean Vehicle Credit comes with caveats
By planning ahead now, you may be able to save on your 2022 and 2023 tax bills. Here are some ideas to consider. Continue Reading Year-end tax planning ideas for individuals
Before you know it, the end of 2022 will be near. Here are some year-end moves to consider that may help your small business save on taxes. Continue Reading Year-end tax planning ideas for your small business
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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?