Tax, Accounting, and Business Insights

Do you use Venmo or another cash app for business transactions? You’ll likely be receiving less tax forms this year, thanks to a recent announcement by the IRS.

The optional standard business mileage rate that is used to determine the deductible cost of operating a vehicle for business purposes will increase in 2023, despite the fact that the national price of gasoline is currently slightly lower than it was a year ago. The 2023 cents-per-mile rate for the use of a car, van,

During the peak of the COVID-19 pandemic, the Employee Retention Benefit (ERC) aided employers who retained employees on staff. Even if the credit is no longer offered, qualified employers who haven’t yet claimed it may still be able to do so by filing revised payroll returns for the tax years 2020 and 2021. However, the

Which entity type is best for your business? The answer to this question depends on your current business status, your business goals, and the best way to maximize tax savings. The answer can also change depending on where your business is at in terms of growth. For example, as you launch a new business, one entity type may be best, like an LLC. After several years of operations, however, another entity type, like a C-corporation, may be a better choice.

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2022.

If you own a business, you may wonder if you’re eligible to take the qualified business income deduction (QBI deduction).

On August 16, 2022, the Inflation Reduction Act was signed into law. Included in this act are several tax credits focused on green initiatives.  You may be wondering… what are these new tax credits in the Inflation Reduction Act? And how can I benefit? Here’s how to take advantage of the new tax credits in

Did your business purchase equipment, like new computers for the team or vehicles for deliveries, this year? If so, Section 179 is a worthwhile piece of tax law that may help you lower your business tax liability in 2022. In This Article: Section 179 allows for qualified software, equipment, and business expenses to be deducted

How much can you and your staff put into your 401(k)s or other retirement plans for the upcoming year? The IRS has announced cost-of-living changes that increase most retirement plan contribution limits for 2023. Inflation caused the amounts to rise more than they did in prior years. 401(k) plans Employees who participate in 401(k) plans

Do you own investment or commercial property where the value has significantly increased? If you sell the property, you might owe a sizable amount in capital gain taxes. Consider a Section 1031 exchange, sometimes referred to as a like-kind exchange, where you trade qualified properties while paying little to no current tax as a possible

According to a recent announcement from the Social Security Administration, the wage base used to calculate Social Security tax will rise to $160,200 for 2023 (from $147,000 for 2022). There is no Social Security tax on wages or self-employment income above this threshold. Fundamentals of Social Security Employers, employees, and self-employed individuals are all subject

If you operate a pass-through entity like a sole proprietorship, general partnership, or LLC, there are several business expenses you can make on your personal tax return to lessen your tax liability. What expenses are tax deductions for small businesses? Here are 18. 18 tax deductions for small businesses Business Meals Typically, you can deduct 50%