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
Restricted gifts generally require a higher level of care from not-for-profits that receive them. Continue Reading Handle Your Nonprofit’s Restricted Gifts with Care
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
Do you want to sell commercial or investment real estate that has appreciated significantly? Continue Reading Defer Tax with a Like-Kind Exchange
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!
Here are a few key tax-related deadlines for businesses during Q1 of 2022. Continue Reading 2022 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers
The use of a company car is a valuable fringe benefit for business owners and key employees. This perk results in tax deductions for the employer and tax breaks for the owners and employees using the cars. Continue Reading Providing a Company Car? Here’s How Taxes Are Handled
If you’re going to receive a personal injury or discrimination settlement or award, you want the best tax result possible. Here are the basic rules of when amounts are tax free or taxable. Continue Reading How are Court Awards and Out-of-Court Settlements Taxed?
Ever wonder how much of a tax break you’d get if you bought a private plane for your business? Here are the basic rules. Continue Reading The Tax Implications of Owning a Corporate Aircraft
The U.S. House of Representatives passed a crucial part of President Biden’s agenda by a vote of 220-213 on November 19. Continue Reading U.S. House Passes the Build Back Better Act
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Getting a handle on inventory
/in Tax/by KKB CPAsFor retailers, manufacturers and many other businesses, a significant amount of working capital is tied up in inventory. What can your company do to lower its inventory carrying costs? Continue Reading Getting a handle on inventory
Keep these 3 issues in mind after you file your return
/in Tax/by KKB CPAsFor more helpful tax and accounting articles, or to sign up for our newsletter, please visit our KKB Insights page. If you have any questions, please contact us. Continue Reading Keep these 3 issues in mind after you file your return
Update on retirement account required minimum distributions
/in Tax/by KKB CPAsThe SECURE 2.0 law includes good news about required minimum distributions from tax-favored retirement accounts. But an earlier law contained some bad news for certain beneficiaries of inherited retirement accounts. Here are the rules. Continue Reading Update on retirement account required minimum distributions