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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.

Reporting and Managing Inventory

When reviewing your company’s inventory practices, start by evaluating whether you’re using the right accounting method.

Defer Tax with a Like-Kind Exchange

Do you want to sell commercial or investment real estate that has appreciated significantly?
KPIs: What are they, and which ones count?

KPIs: What Are They, and Which Ones Count?

Key performance indicators (KPIs) are the keys to operating a successful business, especially during times of uncertainty.

Insights

Advantages of keeping your business separate from its real estate

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It 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

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Cutoffs: When to report revenue and expenses

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Does 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

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Help ensure your partnership or LLC complies with tax law

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Guaranteed 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

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