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The Ins and Outs of IRAs

Traditional and Roth IRAs can help you save for retirement on a tax-favored basis. Contributions to a traditional IRA reduce your current tax bill, if you’re eligible, and earnings are tax-deferred.

Small businesses: There still may be time to cut your 2021 taxes

Learn how to deduct 100% of the cost of items as bonus depreciation.

2022 Tax Calendar

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.

Keeping Meticulous Records is the Key to Tax Deductions and Painless IRS Audits

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.

Entrepreneurs and Taxes: How Expenses are Claimed on Tax Returns

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.

Numerous Tax Limits Affecting Businesses Have Increased for 2022

A number of tax limits affecting businesses are annually indexed for inflation and many have increased for 2022.

Handle Your Nonprofit’s Restricted Gifts with Care

Restricted gifts generally require a higher level of care from not-for-profits that receive them.

How Will Revised Tax Limits Affect Your 2022 Taxes?

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.

Businesses with Employees Who Receive Tips May Be Eligible for a Tax Credit

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.

Insights

Getting a handle on inventory

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For 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

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Keep these 3 issues in mind after you file your return

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For 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

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Update on retirement account required minimum distributions

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The 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

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