Recordkeeping can be a burden on your time, resources, and patience. But as a new business owner, it needs to be one of your highest priorities.
Month: July 2019
Be Sure to Include Tax Planning on your Wedding To-Do List
Couples getting married know there are a lot of details in planning a wedding. Along with the cake and gift registry, the first tax return as a married couple should be on your checklist. The IRS has tips and tools to help newlyweds consider how marriage may affect your taxes.
How to Maximize your Business Property Deductions in 2019
There’s good news about the Section 179 depreciation deduction for business property. The election has long provided a tax windfall to businesses, enabling them to claim immediate deductions for qualified assets, instead of taking depreciation deductions over time. And it was increased and expanded by the Tax Cuts and Jobs Act (TCJA). Even better, the
Buying or Selling a Business: How to Allocate Assets
If you’re considering buying or selling a business — or you’re in the process of a merger or acquisition — it’s important that both parties report the transaction to the IRS in the same way.
Bartering: Beneficial Transactions but Taxable Income
Small businesses may find it beneficial to barter for goods and services instead of paying cash for them. If your business engages in bartering, be aware that the fair market value of goods that you receive in bartering is taxable income.