• Starting a business? How expenses will be treated on your tax return

    Government officials saw a large increase in the number of new businesses launched during the COVID-19 pandemic. And the U.S. Census Bureau reports that business applications are still increasing slightly (up 0.4% from April 2023 to May 2023). The Bureau measures this by tracking the number of businesses applying for Employer Identification Numbers. If you’re one of the entrepreneurs, you may not know that many [...]

    Published On: September 1, 2023Categories: Featured, Small Business Tax
  • Receive more than $10,000 in cash at your business? Here’s what you must do

    Does your business receive large amounts of cash or cash equivalents? If so, you’re generally required to report these transactions to the IRS — and not just on your tax return. The requirements Each person who, in the course of operating a trade or business, receives more than $10,000 in cash in one transaction (or two or more related transactions), must file Form 8300. Who [...]

    Published On: August 31, 2023Categories: Featured, Small Business Tax
  • 2023 Q3 tax calendar: Key deadlines for businesses and other employers

    Here are some of the key tax-related deadlines affecting businesses and other employers during the third 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. July 31 Report income tax withholding and FICA taxes for second [...]

    Published On: August 31, 2023Categories: Featured, Small Business Tax
  • The IRS has just announced 2024 amounts for Health Savings Accounts

    The IRS recently released guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA fundamentals An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can only be established for the benefit of an “eligible individual” who is covered under a “high-deductible health plan.” In addition, a participant can’t [...]

    Published On: August 30, 2023Categories: Featured, Small Business Tax
  • If you’re hiring independent contractors, make sure they’re properly handled

    Many businesses use independent contractors to help keep their costs down — especially in these times of staff shortages and inflationary pressures. If you’re among them, be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake. The question of whether a worker is an independent contractor or an employee for [...]

    Published On: July 6, 2023Categories: Featured, Small Business Tax
  • Education benefits help attract, retain and motivate your employees

    One popular fringe benefit is an education assistance program that allows employees to continue learning and perhaps earn a degree with financial assistance from their employers. One way to attract, retain and motivate employees is to provide education fringe benefits so that team members can improve their skills and gain additional knowledge. An employee can receive, on a tax-free basis, up to $5,250 each year [...]

    Published On: June 5, 2023Categories: Featured, Small Business Tax
  • Use the tax code to make business losses less painful

    Whether you’re operating a new company or an established business, losses can happen. The federal tax code may help soften the blow by allowing businesses to apply losses to offset taxable income in future years, subject to certain limitations. Qualifying for a deduction The net operating loss (NOL) deduction addresses the tax inequities that can exist between businesses with stable income and those with fluctuating [...]

    Published On: June 3, 2023Categories: Featured, Small Business Tax
  • If you’re hiring independent contractors, make sure they’re properly handled

    Many businesses use independent contractors to help keep their costs down — especially in these times of staff shortages and inflationary pressures. If you’re among them, be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake. The question of whether a worker is an independent contractor or an employee for [...]

    Published On: June 2, 2023Categories: Featured, Small Business Tax
  • The IRS has just announced 2024 amounts for Health Savings Accounts

    The IRS recently released guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA fundamentals An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can only be established for the benefit of an “eligible individual” who is covered under a “high-deductible health plan.” In addition, a participant can’t [...]

    Published On: June 1, 2023Categories: Featured, Small Business Tax
  • Keep these DOs and DON’Ts in mind when deducting business meal and vehicle expenses

    If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law. Tax auditors are adept at rooting out inconsistencies, omissions and errors in taxpayers’ records, as illustrated [...]

    Published On: May 31, 2023Categories: Featured, Small Business Tax
  • Retirement saving options for your small business: Keep it simple

    If you’re thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and administrative burdens involved, there are a couple of options to consider. Let’s take a look at a “simplified employee pension” (SEP) or a “savings incentive match plan for employees” (SIMPLE). SEPs are intended as an attractive alternative to “qualified” retirement plans, particularly for [...]

    Published On: May 19, 2023Categories: Featured, Small Business Tax
  • The tax advantages of hiring your child this summer

    Summer is around the corner so you may be thinking about hiring young people at your small business. At the same time, you may have children looking to earn extra spending money. You can save family income and payroll taxes by putting your child on the payroll. It’s a win-win! Here are four tax advantages. 1. Shifting business earnings You can turn some of your [...]

    Published On: April 8, 2023Categories: Featured, Small Business Tax
  • Choosing an entity for your business? How about an S corporation?

    If you’re starting a business with some partners and wondering what type of entity to form, an S corporation may be the most suitable form of business for your new venture. Here are some of the reasons why. A big benefit of an S corporation over a partnership is that as S corporation shareholders, you won’t be personally liable for corporate debts. In order to receive [...]

    Published On: April 7, 2023Categories: Featured, Small Business Tax
  • 2023 Q2 tax calendar: Key deadlines for businesses and employers

    Here are some of the key tax-related deadlines that apply to businesses and other employers during the second 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. April 18 If you’re a calendar-year corporation, file a [...]

    Published On: April 6, 2023Categories: Featured, Small Business Tax