Small Business Tax Briefs: February 2022

Important tax aspects of operating your business as a sole proprietor If you’re in business for yourself as a sole proprietor, or you’re planning to start a business, you need to know about the tax aspects of your venture. Here are eight important issues to consider: 1. You report income and expenses on Schedule C […]

Small Business Tax Briefs: January 2022

Defer tax with a like-kind exchange Do you want to sell commercial or investment real estate that has appreciated significantly? One way to defer a tax bill on the gain is with a Section 1031 “like-kind” exchange where you exchange the property rather than sell it. With real estate prices up in some markets (and […]

Small Business Tax Briefs: December 2021

The tax implications of owning a corporate aircraft If your business is successful and you do a lot of business travel, you may have considered buying a corporate aircraft. Of course, there are tax and non-tax implications for aircraft ownership. Let’s look at the basic tax rules. Business travel only In most cases, if your […]

Small Business Tax Briefs: November 2021

Would you like to establish a Health Savings Account for your small business? With the increasing cost of employee health care benefits, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). For eligible individuals, an HSA offers a tax-advantaged way to set aside funds (or have […]

Small Business Tax Briefs: October 2021

2021 Q4 tax calendar: Key deadlines for businesses and other employers Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all […]

Small Business Tax Briefs: September 2021

Claiming a theft loss deduction if your business is the victim of embezzlement A business may be able to claim a federal income tax deduction for a theft loss. But does embezzlement count as theft? In most cases it does but you’ll have to substantiate the loss. A recent U.S. Tax Court decision illustrates how […]

Small Business Tax Briefs: August 2021

Is an LLC the right choice for your small business? Perhaps you operate your small business as a sole proprietorship and want to form a limited liability company (LLC) to protect your assets. Or maybe you are launching a new business and want to know your options for setting it up. Here are the basics […]

Small Business Tax Briefs: July 2021

10 facts about the pass-through deduction for qualified business income Are you eligible to take the deduction for qualified business income (QBI)? Here are 10 facts about this valuable tax break, referred to as the pass-through deduction, QBI deduction or Section 199A deduction.  As you can see, this substantial deduction is complex, especially if your […]

Small Business Tax Briefs: June 2021

Hiring your minor children this summer? Reap tax and nontax benefits If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, spend time with you, save for college and learn how to manage money. And you may be […]

Small Business Tax Briefs: May 2021

Providing education assistance to employees? Follow these rules Many businesses provide education fringe benefits so their employees can improve their skills and gain additional knowledge. An employee can receive, on a tax-free basis, up to $5,250 each year from his or her employer for educational assistance under a “qualified educational assistance program.” For this purpose, […]