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    Home > Blog > Small Business Tax

    Posts

    Does your business barter? Here are some facts you should know

    Many small businesses are cash-strapped in the current economy. Instead of paying cash, they can find it advantageous to barter...

    Posts

    The Inflation Reduction Act includes extensive tax provisions – part two

    The Inflation Reduction Act (IRA) has its approval from the U.S. Senate and House of Representatives. The bill should be signed into law...

    Posts

    The Inflation Reduction Act includes extensive tax provisions – part one

    The Inflation Reduction Act (IRA) has its approval from the U.S. Senate and House of Representatives. The bill should be...

    Posts

    Hidden back-to-school tax deductions

    As the summer draws to a close, back-to-school advertising is ramping up. Parents, guardians, and teachers can take advantage of...

    Tech and Biotech Startups
    Posts

    CHIPS Act poised to boost U.S. businesses

    The CHIPS and Science Act of 2022, which includes the Creating Helpful Incentives to Produce Semiconductors for America Act, just...

    bonus depreciation bonus
    Posts

    Businesses must act now to make the most out of bonus depreciation – part two

    The potential business value of bonus depreciation for taxpayers rose significantly with the Tax Cuts and Jobs Act (TCJA), but...

    bonus depreciation bonus
    Posts

    Businesses must act now to make the most out of bonus depreciation – part one

    There have been different levels of bonus depreciation available for some time. For example, taxpayers could often claim a bonus...

    Inventory Management for Start-Up Business Expenses and Accounting Methods
    Posts

    Deciding between cash and accrual accounting methods

    Small businesses typically begin with the cash-basis accounting technique. However, many eventually switch to accrual-basis reporting to comply with U.S....

    Selling Business or Trade Property Results in Tax Consequences
    Posts

    The tax mechanics involved in the sale of trade or business property

    What tax consequences result from selling a piece of the property employed in your trade or business? A variety of...

    Avoid Federal Gift and Estate Tax Uncertainty With a SLAT Spousal Trust
    Posts

    Opening up to SLAT opportunities

    Planning for estate taxes can get challenging when there are several parties. For instance, you might worry about supporting your...

    new business partner
    Posts

    Tax considerations when adding a new partner at your business

    The business decision to add a new partner has several financial and legal repercussions. Imagine that you and your existing...

    from C corporation to S corporation
    Posts

    Tax issues to assess when converting from a C corporation to an S corporation

    In the correct situations, operating as an S company may assist small firms in lowering federal employment taxes. However, before...

    buy-sell agreements
    Posts

    Add estate planning flexibility with a power of appointment

    Even the most well-laid plans can go wrong. Events may occur after your death that you did not anticipate or...

    accelerate depreciation of taxable income and defer deductions
    Posts

    Taking the opposite approach: Ways your business can accelerate taxable income and defer deductions

    Businesses typically desire to defer the recording of taxable income to future years while attempting to accelerate deductions in the...

    Defined-value gifts
    Posts

    Defined-value gifts: Plan carefully to avoid unpleasant tax surprises

    An increase in the federal gift and estate tax exemption for 2022 makes it at its most significant level ever....

    deduct business meals
    Posts

    Fully deduct business meals this year

    The federal government is now subsidizing corporate meals. One of the COVID-19 relief laws doubles the typical deduction for 50% of...

    FAQs to Prepare for Tax Day with year-end tax reduction techniques
    Posts

    After tax day: Take these action steps

    The April deadline for filing taxes has passed, but that doesn’t mean you should forget about them until next year....

    research tax credit for small business payroll taxes and compliance for businesses
    Posts

    The election to apply the research tax credit against payroll taxes

    The research and development (R&D) credit is a substantial tax break provided to eligible businesses. Claiming the credit requires intricate...

    deduct business trip costs
    Posts

    Can you deduct the costs of a spouse on a business trip?

    If you own a business and often travel for it, you may wonder if you can deduct the costs of...

    Withdraw Cash at Minimum Tax Cost From Your Closely Held Corporation
    Posts

    Making withdrawals from your closely held corporation that aren’t taxed as dividends

    Do you want to withdraw cash from your closely held corporation at a minimum tax cost? The simplest way is...

    Reduce Gift Tax Rate
    Posts

    Use the net gift technique to reduce your gift tax rate

    If you’re concerned about the impact of transfer taxes on your gifts, consider making “net gifts” to your loved ones....

    Tax Deadlines
    Posts

    2022 Q2 tax calendar: Key deadlines for businesses and other employers

    Is this year’s April 18 filing deadline applicable to your company? What additional tax deadlines are there for businesses and...

    leverage your startup expenses and tax aspects of operating a business
    Posts

    Important tax aspects of operating your business as a sole proprietor

    If you’re in business for yourself as a sole proprietor or plan to start a business, you need to know...

    The best defense for what to do when audited on audits of an IRS Tax Return Audit
    Posts

    Keeping meticulous records is the key to tax deductions and painless IRS audits

    If you operate a business or are starting a new one, you know you need to keep records of your...

    IRS tax return filing requirements to avoid court cases
    Posts

    The IRS again eases Schedules K-2 and K-3 filing requirements for 2021

    The IRS announced additional relief for pass-through entities required to file two new tax forms for the 2021 tax year....

    Separation of Duties for Start-Up Business Expenses and Accounting Methods
    Posts

    Entrepreneurs and taxes: How expenses are claimed on tax returns

    While some businesses have closed since the COVID-19 crisis, many new ventures have launched. Entrepreneurs have cited several reasons they...

    New Custodial Accounts for Kids and The Kiddie Tax - Child Credits for 2021 Gift Return for Parents
    Posts

    The 2021 gift tax return deadline is almost here, too

    April 18, 2022, is the deadline for filing your federal income tax return. However, keep in mind that the 2021gifttax...

    Business Owner Employee Tax Limits not filing on time for Independent Contractor vs. Employee and retirement plans for small businesses
    Posts

    Numerous tax limits affecting businesses have increased for 2022

    Many tax limits that affect businesses get indexed annually for inflation. However, a number of them have increased for 2022....

    Payment Apps Have New Tax Form 1099-K Filing Reporting Requirements
    Posts

    New tax reporting requirements for payment apps could affect you

    Do you run a business and accept payment through third-party apps such as Zelle, Venmo, Square, or PayPal? The new...

    Health Care Reporting Deadlines
    Posts

    2022 deadlines for reporting health care coverage information

    Before we talk about reporting deadlines, let's first discuss who actually needs to report that health care coverage information? Since...

    2022 Year-End Tax deadlines
    Posts

    2022 calendar of tax deadlines

    We want to help make sure you don’t miss any important 2022 tax deadlines. So, we’ve provided this summary of...

    Section 1031 like-kind exchange
    Posts

    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...

    2022 Cost-Of-Living
    Posts

    Don’t forget to factor 2022 cost-of-living adjustments into your year-end tax planning

    The IRS recently issued its 2022 cost-of-living adjustments for more than 60 tax provisions. With inflation up significantly this year,...

    Posts

    Get your piece of the depreciation pie now with a cost segregation study

    If your business is depreciating over a 30-year period the entire cost of constructing the building that houses your operation,...

    Posts

    Who in a small business can be hit with the “Trust Fund Recovery Penalty?”

    There’s a harsh tax penalty that you could be at risk for paying personally if you own or manage a...

    Posts

    Here come the child tax credit payments: What you need to know

    The first advance payments under the temporarily expanded child tax credit (CTC) will begin to arrive for nearly 39 million...

    Posts

    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...

    Posts

    An S corporation could cut your self-employment tax

    If your business is organized as a sole proprietorship or as a wholly owned limited liability company (LLC), you’re subject...

    Posts

    Claiming the business energy credit for using alternative energy

    Are you wondering whether alternative energy technologies can help you manage energy costs in your business? If so, there’s a...

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    Fred Allen

    "An income tax form is like a laundry list - either way you lose your shirt."

    - Fred Allen

    Albert Einstein

    "The hardest thing in the world to understand is the income tax."

    - Albert Einstein

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    "The difference between death and taxes is death doesn’t get worse every time Congress meets."

    - Will Rogers

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