Tax Cuts and Jobs Act: Key provisions affecting businesses
TAX CUTS AND JOBS ACT: KEY PROVISIONS AFFECTING BUSINESSES The recently passed tax reform bill, commonly referred to as the “Tax Cuts and Jobs Act” (TCJA), is the most expansive federal tax legislation since 1986. It includes a multitude of provisions that will have a major impact on businesses. Here’s a look at some of […]
Small Business Tax Briefs- Year End Edition 2
ACCRUAL-BASIS TAXPAYERS: THESE YEAR-END TIPS COULD SAVE YOU TAX With the possibility that tax law changes could go into effect next year that would significantly reduce income tax rates for many businesses, 2017 may be an especially good year to accelerate deductible expenses. Why? Deductions save more tax when rates are higher. Timing income and […]
Small Business Tax Briefs- December Edition
IS YOUR BUSINESS A GHOST TOWN THIS TIME OF YEAR? GETTING AROUND THE $25 DEDUCTION LIMIT FOR BUSINESS GIFTS At this time of year, it’s common for businesses to make thank-you gifts to customers, clients, employees and other business entities and associates. Unfortunately, the tax rules limit the deduction for business gifts to $25 per […]
Small Business Tax Briefs- Year End Edition
HOW TO MAXIMIZE DEDUCTIONS FOR BUSINESS REAL ESTATE Currently, a valuable income tax deduction related to real estate is for depreciation, but the depreciation period for such property is long and land itself isn’t depreciable. Whether real estate is occupied by your business or rented out, here’s how you can maximize your deductions. Segregate personal […]
Small Business Tax Briefs- November Edition
ACCELERATE YOUR RETIREMENT SAVINGS WITH A CASH BALANCE PLAN Business owners may not be able to set aside as much as they’d like in tax-advantaged retirement plans. Typically, they’re older and more highly compensated than their employees, but restrictions on contributions to 401(k) and profit-sharing plans can hamper retirement-planning efforts. One solution may be a […]
Small Business Tax Briefs October Edition
2017 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 2017. 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 […]
1099 Filing Requirements
WHEN ARE 1099S REQUIRED? A Form 1099-MISC is used to report payments for services provided to your business by unincorporated vendors when those payments total $600 or more for the year. The IRS has established four conditions for payments that must be reported using Form 1099-MISC. You must file a 1099 if the following four […]
Small Business Tax Briefs- September Edition
MATERIAL PARTICIPATION KEY TO DEDUCTING LLC AND LLP LOSSES If your business is a limited liability company (LLC) or a limited liability partnership (LLP), you know that these structures offer liability protection and flexibility as well as tax advantages. But they once also had a significant tax disadvantage: The IRS used to treat all LLC […]
Small Business Tax Briefs- August Edition
THREE MIDYEAR TAX PLANNING STRATEGIES FOR BUSINESS Tax reform has been a major topic of discussion in Washington, but it’s still unclear exactly what such legislation will include and whether it will be signed into law this year. However, the last major tax legislation that was signed into law — back in December of 2015 — […]
Small Business Tax Briefs- July Edition
3 BREAKS FOR BUSINESS CHARITABLE DONATIONS YOU MAY NOT KNOW ABOUT Donating to charity is more than good business citizenship; it can also save tax. Here are three lesser-known federal income tax breaks for charitable donations by businesses. 1. Food donations. Charitable write-offs for donated food (such as by restaurants and grocery stores) are normally limited […]