IRS Announces Changes for Personal Use of Employer-Provided Vehicles
The free use of a company car is one of the best perks an employee may receive as part of a compensation package. But the benefit to the employee isn't [...]
Should You Switch Your Business to C Corporation Status?
Thanks to the Tax Cuts and Jobs Act (TCJA), the federal income tax rate on C corporations is now a flat 21%, for tax years beginning in 2018 and beyond. [...]
A Refresher on Major Tax Law Changes for Small-Business Owners
The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take action to reduce 2018 taxes. [...]
Treating a Stock Purchase as an Asset Acquisition
When it comes to making an acquisition, stock and asset purchases have their advantages and disadvantages but there might be a way to combine the best of both worlds. Buying [...]
Limitations Based on W-2 wages and the Basis of Qualified Assets
Limitations on the deduction for qualified business income (QBI) begin to phase in when an individual's taxable income (calculated before any QBI deduction) exceeds the threshold of $157,500 or $315,000 [...]
New 100% Depreciation Deduction Benefits Business Taxpayers
Information from IRS.gov Tax reform legislation passed in December 2017 includes changes that affect businesses. One of these changes allows businesses to write off most depreciable business assets in the [...]
Tax Reform Changed Accounting Methods for Small Businesses
Information from IRS.gov The Tax Cuts and Jobs Act – better known as tax reform – allows more small business taxpayers to use the cash method of accounting. Tax reform [...]
Get Up and Running After a Disaster
If your business is hit by a hurricane, windstorm, blizzard, or other natural disaster, or if it falls victim to arson or terrorism, you might have to close up shop [...]
Employers: IRS Updates Business Travel Per Diems
Under current tax law, employees aren't allowed to claim miscellaneous itemized deductions — including unreimbursed business expenses — on their personal tax returns for 2018 through 2025. So, it may [...]
2019 Q1 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 first quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may [...]
Squeeze More Out of a Company SEP
If you want a retirement plan for your small company or self-employed business -- but you don't want to be buried in paperwork -- consider a simplified employee pension plan [...]
Buy Business Assets Before Year End to Reduce Your 2018 Tax Liability
The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these breaks, you must purchase [...]
Tax-free Fringe Benefits Help Small Businesses and Their Employees
In today’s tightening job market, to attract and retain the best employees, small businesses need to offer not only competitive pay, but also appealing fringe benefits. Benefits that are tax-free [...]
Calculating Deductions for Business Interest Expense
One of the most complicated provisions of the Tax Cuts and Jobs Act (TCJA) is the new limitation on deductions for business interest expense. At face value, this limitation seems [...]