Major Information Reporting Changes Begin with the 2026 Tax Year
Businesses that employ workers or engage independent contractors have ongoing federal information reporting responsibilities. While the One Big Beautiful Bill Act (OBBBA) introduces meaningful changes to these requirements, most of the new reporting …
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New OBBBA Law Expands Business Interest Expense Deductions Starting in 2025
Businesses that pay or accrue interest can generally deduct those expenses for federal tax purposes—but long-standing IRS limitations have often restricted how much interest a company can write off each year. With the introduction of the One Big …
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6 Smart Year-End Tax Moves Businesses Should Make Before 2026
Effective tax planning is a year-round discipline, but December still offers valuable opportunities to reduce your 2025 tax bill. With several favorable provisions reinstated under the One Big Beautiful Bill Act, strategic action now can deliver …
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Navigating the Tax Implications of a Merger or Acquisition
Whether you’re selling your business or acquiring another company, the tax structure behind the transaction can significantly influence its success. Understanding how taxes apply to mergers and acquisitions is essential to preserving value, …
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How the New QPP Tax Deduction Can Benefit Manufacturers
Manufacturers and production-based businesses may soon benefit from a powerful new tax deduction thanks to the upcoming provisions of the One Big Beautiful Bill Act (OBBBA). This legislation introduces a unique opportunity—allowing **100% first-year …
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Maximizing Tax Deductions on Business Gifts: What Every Business Owner Should Know
Thoughtful business gifts can strengthen relationships with clients, employees, and partners — and in some cases, offer tax advantages. However, the IRS has strict rules governing how much you can deduct, making it essential to plan ahead and keep …
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Smart Year-End Tax Planning Strategies for Accrual-Basis Businesses
As the year draws to a close, strategic tax planning becomes essential for every business owner. For accrual-basis taxpayers, projecting income and expenses for the current and upcoming year allows you to make informed decisions about when to …
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Year-End Tax Planning: Reviewing Your Business Expenses for Maximum Deductions
As the year draws to a close, now is the perfect time to review your business expenses and identify opportunities for tax savings. Strategic year-end planning can help reduce your 2025 tax liability and may even result in permanent savings. With the …
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Should Your Business Take the Full Write-Off on Commercial Property Improvements Now or Spread Out the Deductions?
When you’re looking at commercial real estate improvements, one strategic question looms large: should you accelerate deductions now—or take a more gradual approach over time? For many businesses, the answer hinges on the status of their property, …
Act Fast: How Businesses Can Still Claim Clean Energy Tax Breaks Before They Expire
The One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, brought sweeping updates to the U.S. tax code — extending, modifying, and in some cases, accelerating the end date for several clean energy incentives that benefit …
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2025–2026 IRS High-Low Per Diem Rates: Simplifying Business Travel Reimbursements
Managing employee travel expenses can quickly become a hassle — from collecting endless receipts for meals and hotels to ensuring every reimbursement stays IRS-compliant. Fortunately, the IRS “high-low” per diem method streamlines the process. …
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The Hidden Tax Risks of Personally Guaranteeing Your Corporation’s Loan
When you’re asked to personally guarantee a loan for your closely held corporation, it may feel like just another step in supporting your business. But before signing, it’s critical to understand the potential tax consequences. Acting as a guarantor, …
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Tax Court Ruling Highlights the Importance of Strong Recordkeeping for Businesses
Running a successful business requires more than delivering great products or services. Behind the scenes, meticulous recordkeeping plays a crucial role in financial health, compliance and tax savings. Good records can mean the difference between …
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Receive $10,000 in cash at your business? The IRS wants to know about it
If your business accepts large cash payments, you may need to do more than report income on your tax return. U.S. law requires many businesses to file Form 8300 whenever they receive more than $10,000 in cash in a single transaction or in related …
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How New R&E Tax Rules Could Boost Your Business Savings in 2025
Businesses investing in research and experimental (R&E) activities are set to benefit from a significant tax update in 2025. On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) reinstated the immediate deduction for U.S.-based R&E …
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Divorce and Business Ownership: How Smart Tax Planning Can Protect Your Settlement
Divorce is never easy, but for business owners, the financial stakes are even higher. Your business often represents one of your most valuable assets, and how it is divided can have long-lasting tax and financial consequences. Without proper …
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How Switching to an S Corporation Can Lower Your Self-Employment Tax Bill
If you’re a small business owner, you may be surprised by how quickly self-employment (SE) taxes add up. Whether you operate as a sole proprietor, a partnership, or an LLC taxed as one of those entities, you could be paying thousands more in federal …
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Choosing the Right Business Entity: Tax Implications and Key Considerations
Starting a new business or restructuring an existing one involves numerous decisions, but one of the most critical is selecting the right business entity. This choice not only determines how your business is taxed but also influences your …
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Big Changes to 1099 Reporting: What Businesses Need to Know About the New $2,000 Threshold
A major shift is coming to business payment reporting requirements—and it’s good news for small business owners and contractors. Thanks to the One Big Beautiful Bill Act (OBBBA), the long-standing $600 threshold for issuing certain IRS forms will …
Major Tax Update: QBI Deduction Made Permanent Under the One, Big, Beautiful Bill Act
The Qualified Business Income (QBI) deduction has been a game-changer for small business owners since its introduction in 2018. Offering up to a 20% deduction on eligible business income, this provision has helped reduce tax burdens for millions of …
Key Small Business Tax Changes in the One Big Beautiful Bill Act (OBBBA): What You Need to Know
On July 4, the One Big Beautiful Bill Act (OBBBA) was signed into law, introducing sweeping tax reforms that will significantly impact small business owners across the country. From generous new depreciation deductions to expanded credits and revised …
How the OBBBA Revives 100% Bonus Depreciation and Expands First-Year Write-Offs for Small Businesses
If you own a small business, there’s exciting news on the tax front. The recently enacted One Big Beautiful Bill Act (OBBBA) introduces powerful updates to how businesses can depreciate eligible assets—most notably, a permanent return of 100% …
Unlock the 20% Rehabilitation Tax Credit for Business Property Renovations
Is your business planning to relocate, expand, or renovate a commercial property—especially one with historic value? If so, you may be eligible for the Rehabilitation Tax Credit, a powerful federal incentive that can offset the costs of improving a …
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Understanding Startup Costs and Tax Deductions: A Must-Read for New Business Owners
According to the U.S. Census Bureau, nearly 447,000 new business applications were filed in May 2025 alone—a strong signal that entrepreneurial spirit in America remains vibrant. If you’re among the growing number of startup founders, it’s important …
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How to Safeguard Your Business Expense Deductions: Essential DOs and DON’Ts
If you plan to deduct business meals, vehicle use, or home office expenses, be prepared—the IRS scrutinizes these claims closely. Many taxpayers fail to meet the strict substantiation requirements imposed by the tax code, often due to poor …
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Big Tax Breaks Ahead? What Business Owners Should Know About the Latest Congressional Proposals
As tax season planning ramps up, business owners may want to keep a close eye on Capitol Hill. A new legislative proposal — dubbed The One, Big, Beautiful Bill — is currently under debate and could introduce sweeping changes to federal tax law. The …
How to Make Your Summer Business Trip Tax-Deductible: What the IRS Allows in 2025
Are you or your team planning a business trip this summer? Whether it’s for a conference, client meetings, or site visits, you may be able to deduct many of the associated travel expenses—if you follow IRS guidelines. Understanding the rules can help …
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2026 HSA Contribution Limits Announced by IRS: What Employers and Employees Need to Know
The IRS has officially announced the 2026 inflation-adjusted contribution limits for Health Savings Accounts (HSAs), giving individuals with high-deductible health plans (HDHPs) a slightly higher opportunity to save for medical expenses …
Independent Contractor or Employee? Avoid IRS Trouble with Proper Worker Classification
As staffing shortages and rising labor costs push businesses to seek flexible solutions, many are turning to independent contractors. While this approach can reduce overhead and increase agility, it also carries legal and tax risks — especially if …
Is It Possible to Turn Business Losses into Tax Savings?
Is It Possible to Turn Business Losses into Tax Savings? Even the most financially sound businesses can experience challenging years. Whether due to market shifts, rising expenses, or unexpected events, downturns happen. But here’s the silver …
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Is Your Business Owner Salary IRS-Compliant? How to Determine Reasonable Compensation for C and S Corporations
If you’re a business owner of a C corporation or S corporation, setting your salary involves more than just choosing a number that sounds right. The IRS pays close attention to how much you're paying yourself, and if your compensation is deemed too …
Boost Employee Retention and Cut Taxes with an Educational Assistance Plan
Investing in Employee Education Pays Off for Your Business Offering educational benefits to your team isn't just a nice perk — it can deliver real tax advantages for your business. By setting up an Educational Assistance Program under Section 127 of …
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Title: SEP vs. SIMPLE IRAs: Best Retirement Plan Options for Small Business Owners in 2025
Are you a small business owner exploring retirement plans for yourself and your team—but hesitant about high costs and complex administrative requirements? Fortunately, there are two affordable, low-maintenance retirement options designed …
Turn a Summer Job into Tax Savings: Hire Your Child and Reap the Rewards
With summer fast approaching, many small business owners are thinking about hiring seasonal help. If your child is looking to earn some extra money, why not keep it in the family? Hiring your child can benefit your business—and your household …
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🚨 Avoid IRS Trouble: What Small Business Owners Need to Know About the 100% Trust Fund Recovery Penalty
If you own or help run a small business, there's a serious tax issue you need to be aware of: the IRS’s Trust Fund Recovery Penalty, also known as the 100% penalty. This isn’t your average tax mistake. It’s a financial hit that can personally cost …
Real Estate Professionals: How to Qualify for Special Tax Deductions on Rental Losses
Unlocking Tax Benefits: Are You a Qualified Real Estate Professional Under IRS Rules? When it comes to rental property losses, most taxpayers hit a wall: the IRS classifies these as passive activity losses (PALs), which can typically only be …
Small Business Payroll Tax Compliance: 6 Expert Tips to Avoid Costly Mistakes
Managing payroll taxes can be one of the most complex—and risky—parts of running a small business. Failing to stay compliant can lead to financial penalties, legal troubles, and broken trust with your employees. To keep your business on the right …
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Business Succession Planning: 5 Strategies to Secure Your Legacy and Minimize Taxes
Planning for your business’s future is crucial to protecting your legacy and ensuring a smooth transition when the time comes. Whether you’re preparing for retirement, stepping back from day-to-day operations, or creating a contingency plan, having a …
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Choosing the Right Business Entity: Is an S Corporation the Best Fit for Your Startup?
Are you launching a business and wondering whether an S corporation (S corp) is the best structure for you? If you’re starting with partners, selecting the right business entity is crucial for liability protection, tax benefits, and long-term growth. …
How to Navigate the Business Interest Expense Deduction Limit in 2025
Understanding Section 163(j) and Strategic Tax Planning Before the Tax Cuts and Jobs Act (TCJA), businesses could deduct most interest expenses related to their operations. However, with the introduction of Section 163(j), the IRS imposed new …
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Unlocking Home Office Tax Savings: A Complete Guide for Business Owners
Running a business from home comes with significant perks, including tax deductions that can help reduce your taxable income. However, to claim these deductions, you must comply with IRS rules and choose the right method to maximize your savings …
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Understanding Excess Business Losses for 2024: What Every Business Owner Should Know
If you’re an individual taxpayer dealing with substantial business losses, you might be affected by federal tax rules designed to limit deductions. Navigating these rules can be challenging, but understanding how they apply can help you make smarter …
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Tip Tax Rules: What Employers Need to Know in 2024
For businesses in industries where tipping is a significant part of employee compensation—such as restaurants, hotels, and salons—understanding tax compliance is crucial. Employers must adhere to IRS guidelines for reporting, withholding, and paying …
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2025 Business Tax Updates: Key Limits and Deductions You Need to Know
Each year, tax-related limits for businesses are adjusted based on inflation. While 2025 brings increases to many tax deductions and limits, the pace of these changes has slowed due to easing inflation. Understanding these updates can help business …
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Attention Businesses: Act Now to Meet the January 31 Deadline for W-2 and 1099-NEC Forms
As the 2025 tax filing season begins, it’s crucial for businesses to prepare and submit key tax forms promptly. The deadline for filing certain information returns with the federal government and providing copies to workers is January 31, 2025. …
Maximize Tax Savings in 2025: Heavy Vehicles and Home Office Deductions for Small Businesses
Small business owners can unlock significant tax savings in 2025 by combining two powerful tax breaks: first-year depreciation deductions for heavy vehicles and home office deductions. Here’s how this strategy can reduce your federal and state income …
2025 IRS Standard Mileage Rate Update: Maximize Your Vehicle Expense Deductions
The IRS has announced an increase in the 2025 standard mileage rate for business use of vehicles. This adjustment reflects slight changes in nationwide gas prices and other vehicle operating costs, providing a new opportunity for businesses and …
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Understanding Section 1231 Gains and Losses: Key Tax Implications for Business Asset Sales
Selling business assets involves more than just determining the price — it requires a clear understanding of the tax implications. One crucial area to focus on is Section 1231 of the Internal Revenue Code, which governs the treatment of gains and …
Operating as a C Corporation: Key Benefits and Drawbacks
Choosing the right structure for your business is one of the most important decisions you’ll make as an entrepreneur. A C corporation (C corp) is a popular option, but it comes with its own set of advantages and disadvantages that can influence your …
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Mastering the Tax Treatment of Intangible Assets: A Complete Guide
Intangible assets, such as patents, trademarks, copyrights, and goodwill, play a pivotal role in the success of modern businesses. However, the tax treatment of these assets is notoriously complex, often leaving business owners searching for clarity. …
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Maximize Your Small Business Tax Savings with Local Transportation Deductions
Understanding how to deduct local transportation expenses can help reduce your small business's tax liability significantly. Both you and your employees likely incur transportation costs annually, and knowing which expenses are deductible can make a …
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How HSAs Can Benefit Small Businesses and Employees in 2025
Discover How Health Savings Accounts (HSAs) Empower Small Businesses and Employees As a small business owner, managing health care costs can feel like an uphill battle. But there’s a tax-advantaged solution that can benefit both you and your …
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Understanding Business Meal and Entertainment Deductions for 2024: What You Can and Can’t Write Off
If you're unsure about the rules for deducting business meals and entertainment expenses, you're not alone. Recent changes to federal tax laws have left many business owners seeking clarity. Below we will break down what you can and can’t deduct in …
Self-Employment Taxes Explained: Strategies to Manage and Reduce Your Tax Burden
Understanding Self-Employment Taxes If you're a self-employed individual or own a growing, unincorporated small business, understanding self-employment (SE) taxes is crucial. The SE tax serves as the mechanism through which Social Security and …
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2025 Retirement Contribution Limits: How to Boost Your Savings This Year
With new cost-of-living adjustments from the IRS, 2025 brings slight increases to retirement contribution limits, allowing you and your employees to save even more. These updates, detailed in IRS Notice 2024-80, apply to 401(k) plans, IRAs, SIMPLE …
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Maximizing Your Business Travel Deductions: Essential Tax Tips for Entrepreneurs
As a business owner, travel may be essential for meeting clients, attending industry conferences, managing vendors, and much more. Understanding which travel expenses qualify as tax deductions can make a big impact on your business’s finances. By …
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Maximize Your Retirement: Building a Golden Nest Egg with a Solo 401(k) for Self-Employed Professionals
Building a robust retirement plan is essential, especially if you're self-employed. If you’re a small business owner without employees (other than your spouse), a Solo 401(k) plan can be an ideal choice for setting up a solid retirement foundation. …
Employers: Prepare for the 2025 Social Security Wage Base Increase
As 2025 approaches, employers need to prepare for updates to the Social Security wage base. The Social Security Administration recently announced that the wage base will rise to $176,100 for 2025, up from $168,600 in 2024. Wages and self-employment …
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Essential Steps for Your Business to Prepare for and Respond to an IRS Audit
The IRS has recently increased its audit efforts, particularly targeting large businesses and high-income individuals. By 2026, audit rates for large corporations with assets over $250 million will nearly triple, while partnerships with assets …
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The Benefits of Separating Your Business from Its Real Estate
If your business requires real estate to operate or holds property under its business name, it might be time to reconsider this approach. Separating business operations from real estate ownership offers several long-term benefits, including tax …
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Does Your Business Need to Report Employee Health Coverage? Key Obligations Explained
Offering employee health coverage is a vital part of many businesses' benefits packages, but navigating the reporting requirements can be challenging. As a business owner, it's essential to understand your obligations under federal laws like the …
Essential Tax Deadlines for Businesses and Employers: 2024 Q4 Tax Calendar
As the fourth quarter of 2024 approaches, businesses and employers must be aware of important tax deadlines to avoid penalties and stay compliant. Below are key tax dates that may impact your business, but keep in mind that this list isn’t …
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How to Keep Your Partnership or LLC Compliant with Tax Laws
When drafting partnership and LLC operating agreements, addressing various tax considerations is crucial. This is equally important for multi-member LLCs treated as partnerships for tax purposes. To ensure your business complies with federal tax …
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Year-End Tax Planning Tips For Your Small Business
As the year winds down, it’s time for small business owners to start thinking about year-end tax planning strategies. With Labor Day behind us, now is the perfect time to take proactive steps to potentially lower your tax liability for both 2024 and …
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Why An LLC Might Be The Perfect Choice For Your Small To Medium-Sized Business
Choosing the right legal structure for your small or medium-sized business is a crucial decision that can significantly impact your tax obligations, personal liability, and overall business operations. For many entrepreneurs, forming a Limited …
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Mastering Tax Complexity: Precision in Crafting Partnership and LLC Agreements
Partnerships and multi-member LLCs, which are often treated as partnerships for tax purposes, are popular structures for business and investment ventures. These entities provide significant federal income tax benefits, particularly through …
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Cash or Accrual Accounting: Which is Best for Tax Purposes?
Businesses often face the choice between using the cash or accrual method of accounting for tax purposes. While the cash method can offer substantial tax benefits for those who qualify, some businesses might find the accrual method more advantageous. …
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Stop Drilling Over Your Books: Outsource Your Dental Practice’s Bookkeeping Today!
Running a dental practice isn’t just about creating bright smiles—it’s about keeping your finances in perfect alignment. If managing your books feels more like pulling teeth than a smooth process, it’s time to take action. Waiting too long to get …
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Navigating Federal Income Tax Implications on Real Estate Gains
When selling real estate that has been held for over a year, you may anticipate paying federal income tax at the standard long-term capital gains rates of 15% or 20%. This rate typically applies to assets held beyond one year. However, if your real …
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Decoding Real Estate Capital Gains Taxes
If you own real estate that has appreciated over time and decide to sell it after holding it for more than a year, you might expect to pay the standard federal income tax rates of 15% or 20% on your long-term capital gains. This applies whether you …
Potential Future Tax Landscape for Businesses
The forthcoming presidential and congressional elections may have a substantial impact on the tax landscape for U.S. businesses. A key factor in the potential shift is a tax provision set to expire in approximately 17 months and how Washington …
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Business Website Expenses: Managing Them for Tax Benefits
Understanding Tax Treatment for Business Website Expenses With most businesses now having websites, it’s important to know how these costs can be handled for tax purposes, even though the IRS hasn't provided specific guidance on this …
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Managing Tax Responsibilities When Closing a Business
While various facets of the economy have improved this year, the rising cost of living and other economic challenges have led many businesses to close. If you find yourself in this situation, we can assist you in managing the necessary tax …
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Why Every Business with Co-Owners Needs a Buy-Sell Agreement
Are you considering purchasing a business that will have one or more co-owners? Or do you currently own such a business? If so, implementing a buy-sell agreement is a crucial step. A well-drafted agreement can offer the following benefits: …
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Understanding the Tax Implications of Selling Business Property
When selling property used in your trade or business, it is crucial to understand the tax implications involved. Numerous complex rules may apply, but for the sake of simplicity, let's focus on land or depreciable property used in your business that …
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Borrowing from Your Closely Held Corporation: Essential Considerations
If you own a closely held corporation, borrowing funds from your business at lower interest rates than those charged by banks can be advantageous. However, it is crucial to navigate certain risks and ensure the interest rate charged is …
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Botwinick & Company LLC Named One of the ‘Best Places to Work’ in New Jersey by NJBIZ
Botwinick & Company LLC, a leading certified public accounting and advisory firm, is proud to announce that it has been named one of the 'Best Places to Work' in New Jersey by NJBIZ. This prestigious award recognizes the company's commitment to …
Key Tax-Related Deadlines for Businesses and Employers in the Third Quarter of 2024
As we move through the third quarter of 2024, it's important for businesses and employers to be aware of key tax-related deadlines. Please note that this list is not exhaustive, and there may be additional deadlines applicable to your specific …
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Hiring Your Child for Your Business: A Smart Tax Strategy
As the school year concludes in New Jersey, you might be contemplating ways to keep your child engaged in a learning environment. One valuable option is hiring your child to work at your business. This not only imparts essential business knowledge to …
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IRS Releases 2025 Inflation-Adjusted Amounts for Health Savings Accounts (HSAs)
The IRS has recently issued guidance on the 2025 inflation-adjusted amounts for Health Savings Accounts (HSAs). These adjustments, made annually based on inflation, are announced earlier than other inflation-adjusted amounts to allow employers …
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Structuring Asset Purchases in Business Acquisitions: Key Tax Considerations
After experiencing a downturn in 2023, merger and acquisition activity in several sectors is rebounding in 2024. If you are considering buying a business, optimizing the structure of your purchase for the best post-tax results is crucial. You can …
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Financial and Legal Considerations When Adding a New Partner to a Partnership
Adding a new partner to a partnership involves several financial and legal implications that require careful planning to avoid various tax complications. Let’s consider an example: You and your partners are planning to admit a new partner, who will …
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Tax Treatment of Partner-Incurred Expenses in Service Partnerships
It is not uncommon for partners in service partnerships, such as architecture or law firms, to incur expenses related to the partnership’s business. For example, partners may incur entertainment expenses when developing new client relationships or …
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Alternative Tax Strategies: When Businesses Should Consider Opposite Approaches to Income and Deductions
Businesses typically seek to delay recognizing taxable income into future years and accelerate deductions into the current year to minimize their current tax liabilities. However, there are instances where the opposite strategy may be advisable, …
Establish a Tax-Advantaged Retirement Plan for Your Business Today
Considering a Retirement Plan for Your Business: Tax Advantages and Planning Strategies If your business has yet to establish a retirement plan, now presents a prime opportunity to do so. Current retirement plan regulations offer substantial …
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Effective Recordkeeping and Valid Business Expenses: Mitigating Challenges in IRS Audits
Operating a business, whether established or newly launched, necessitates diligent record-keeping of income and expenses. It is crucial to accurately record expenses to maximize eligible tax deductions and to effectively substantiate reported amounts …
2024 Second Quarter Tax Calendar: Important Deadlines for Businesses and Employers
Below are some of the key tax-related deadlines applicable to businesses and employers in the second quarter of 2024. Please note that this list is not exhaustive, so there may be additional deadlines specific to your situation. We recommend …
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Strategic Coordination of Sec. 179 Tax Deductions and Bonus Depreciation
To optimize tax savings, businesses should prioritize maximizing depreciation write-offs for newly acquired assets within the current tax year. Two key federal tax incentives facilitate this strategy: first-year Section 179 depreciation deductions …
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Bartering Is A Taxable Transaction Even If No Cash Is Exchanged
If your small business is seeking to conserve cash or reduce expenses, engaging in barter or trade for goods and services can be advantageous. While bartering dates back to ancient times, modern technology, particularly the internet, has facilitated …
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Optimize Your QBI Deduction Before Its Expiration
The qualified business income (QBI) deduction offers significant tax advantages to eligible businesses until its scheduled expiration in 2025. Therefore, it's crucial for eligible businesses to capitalize on this deduction while it remains in effect, …
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Better Tax Break When Applying The Research Credit Against Payroll Taxes
The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to certain eligible small businesses. But in addition to the credit itself, be aware that there are …
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Tax-Wise Ways To Take Cash From Your Corporation While Avoiding Dividend Treatment
If you want to withdraw cash from your closely held corporation at a low tax cost, the easiest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax efficient since it’s taxable to you to the extent of your corporation’s …
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Taking Your Spouse On A Business Trip? Can You Write Off The Costs?
A recent report shows that post-pandemic global business travel is going strong. The market reached $665.3 billion in 2022 and is estimated to hit $928.4 billion by 2030, according to a report from Research and Markets. If you own your own company …
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What’s The Best Accounting Method Route For Business Tax Purposes?
Businesses basically have two accounting methods to figure their taxable income: cash and accrual. Many businesses have a choice of which method to use for tax purposes. The cash method often provides significant tax benefits for eligible businesses, …
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Update On IRS Efforts To Combat Questionable Employee Retention Tax Credit claims
The Employee Retention Tax Credit (ERTC) was introduced back when COVID-19 temporarily closed many businesses. The credit provided cash that helped enable struggling businesses to retain employees. Even though the ERTC expired for most employers at …
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Tax-Favored Qualified Small Business Corporation Status Could Help You Thrive
Operating your small business as a Qualified Small Business Corporation (QSBC) could be a tax-wise idea. Tax-free treatment for eligible stock gains QSBCs are the same as garden-variety C corporations for tax and legal purposes — except QSBC …
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Does Your Business Have Employees Who Get Tips? You May Qualify For a Tax Credit
If you’re an employer with a business where tipping is routine when providing food and beverages, you may qualify for a federal tax credit involving the Social Security and Medicare (FICA) taxes that you pay on your employees’ tip income. Credit …
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Defer A Current Tax Bill With A Like-Kind Exchange
If you’re interested in selling commercial or investment real estate that has appreciated significantly, one way to defer a tax bill on the gain is with a Section 1031 “like-kind” exchange. With this transaction, you exchange the property rather than …
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The Standard Business Mileage Rate Will Be Going Up Slightly In 2024
The optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up by 1.5 cents per mile in 2024. The IRS recently announced that the cents-per-mile rate for the business use of a car, …
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