Tax, Accounting, and Business Insights

Don’t let the holiday season keep you from taking important steps to reduce your small business taxes in 2021. Here are 3 tips.

The IRS recently announced various inflation-adjusted tax brackets. Here’s a rundown of the amounts that are most likely to affect small businesses and their owners. Rates and tax brackets for small businesses If you run your business as a sole proprietorship or pass-through business entity (LLC, partnership or S corporation), the business’s net ordinary income

You may be familiar with the tax rule allowing a company to deduct employee bonuses this year as long as it pays them within 2.5 months of the end of the tax year. This appealing year-end planning strategy is advantageous to both your company and your staff: your employees do not have to disclose their

Tax deductions are not nearly as important as tax credits. A credit, as opposed to a deduction, lowers a company’s tax obligation dollar for dollar. However, tax credits aren’t unlimited. The general business credit (GBC), which is located in Internal Revenue Code Section 38, may have a maximum limit on the total amount of tax

Sales tax nexus is the criteria that exists between a business and a taxing authority — like a state or municipality — making that business liable to that jurisdiction’s sales and use tax laws.

But with tax laws, nothing is ever simple. Activities that establish sales tax nexus in one state or jurisdiction may not apply to another. That’s why understanding your company’s nexus is extremely important for staying tax compliant in all applicable jurisdictions.

You can claim a tax deduction for minor repairs made by your business by December 31st, 2023, on your tax return, but improvements are subject to separate tax laws. Improvements, as opposed to repairs, are capital expenses that need to be deducted gradually. How can you determine if the project is an improvement or a repair?

The IRS uses ATGs to help IRS examiners get ready for audits. Your business can use the same guides to gain insight into compliance with tax laws.

If you study the Internal Revenue Code—which you most likely won’t want to—you might be surprised to learn that the majority of company deductions aren’t mentioned in detail. For instance, it isn’t specifically stated in the tax code that you can write off office supplies and other costs. Some expenses are mentioned in the tax

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2023. 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 applicable deadlines and to learn more about the filing requirements. Note:

When it comes to your company’s tax planning and management, the dividends received deduction (DRD) can be a valuable tax deduction. The DRD allows a tax deduction when C corporations receive dividends from other corporations. This deduction is meant to help alleviate the consequences of triple taxation — while also reducing your company’s tax obligations.

Do you and your spouse run a successful unincorporated small business together? If so, you face some challenging tax issues. The partnership issue for spouse-run businesses An unincorporated business with your spouse is classified as a partnership for federal income tax purposes, unless you can avoid that treatment. If not, you must submit a Form

Maybe this is how you’ve been operating: deducting 100% of the purchase cost of a large asset in a single year, significantly reducing your tax liability for the year. However, the phase-out for this bonus depreciation begins this year.

Keep reading to learn what this 2023 bonus depreciation phase-out means for your business.