How the Home Sale Gain Exclusion Works
If you’re thinking about selling your home, it’s important to determine whether you qualify for the home sale gain exclusion. The exclusion is one of the most generous tax breaks in the tax code, so review its requirements before you sell. Home Sale Gain Exclusion Requirements When you sell real estate or other capital assets
4 Year-End Tax Planning Strategies for Small Businesses
September is a great month to start planning strategies that could reduce your small business taxes for this year and next. For the majority of businesses, the traditional year-end tax planning strategy of deferring income and accelerating deductions to minimize taxes will probably yield the most significant results. In addition, owners should consider bundling deductible
Lease Accounting Standard Rules are Here
The updated lease accounting standard, released back in 2016, is finally taking effect this year for all organizations that haven’t already adopted it. You might be surprised at how many “leases” you have under the Financial Accounting Standards Board’s (FASB) Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) — whether for real estate, vehicles, machinery
How the Inflation Reduction Act Helps Small Businesses
On August 16, President Biden signed the Inflation Reduction Act (IRA), which includes numerous provisions pertaining to taxes, energy and the environment. The effect of the law on big businesses has received a lot of media attention. For instance, the IRA imposes a new 15% alternative minimum tax on large, profitable corporations. The law also
Self-employed? A Solo 401(k) Plan may be Right for You
If you are a small business owner, retirement planning may seem like a daunting task. But if you don’t have any employees and have steady self-employment income, a solo 401(k) might be the right option for you. This strategy is great for self-employed people, such as sole proprietors, members of single-member limited liability companies, and those who
Landmark CPAs Receives ARCPA Public Service Award
Landmark PLC, Certified Public Accountants is pleased to announce the firm is the recipient of the Arkansas Society of CPAs 2021 Public Service Award for Firms. This is the fourth time the firm has received the award. The Public Service Award for Firms recognizes firms that have distinguished themselves in their public service contributions to
How to Handle Business Website Costs
The business use of websites is widespread. But surprisingly, the IRS hasn’t yet issued formal guidance on when website costs can be deducted.
3 Tax Credits for Small Businesses
Inflation is currently impacting many businesses, forcing them to quickly adapt to a changing economic climate. Whether grappling with the continuously rising costs of supplies or navigating the impact of rising interest rates, businesses have a slew of concerns about their bottom line. For most businesses, tax credits offer a way to combat the effects
3 Tax Deductions for Small Businesses
Tax benefits that aren’t available to larger businesses may be available to your small business. Here are some examples of tax deductions for small businesses.
Are you Prepared for the New Gifts-In-Kind Reporting Rules?
New guidelines from the Financial Accounting Standards Board (FASB) govern how gifts in kind must be reported and valued by nonprofit organizations that follow Generally Accepted Accounting Principles (GAAP). The changes are effective for interim periods within annual periods beginning after June 15, 2022, and annual periods beginning after June 15, 2021. Here is what