June 2022 – DougFreemanCPA.com

2022 Q3 tax calendar: Key deadlines for businesses and other employers

2022 Tax Calendar, C Corporation, FICA, Income Tax, Small Business, Tax Deadlines / Douglas Freeman

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2022. 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. August […]

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When hiring, don’t overlook older workers

Employees, Hiring, Small Business / Douglas Freeman

Is your business hiring? Many companies are — in fact, an employment report released by the U.S. Department of Labor earlier this month revealed that nonfarm payrolls increased by 390,000 in May, and the unemployment rate held steady at 3.6%. As the job market continues to feel the impact of “the Great Resignation,” the competition

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Five tax implications of divorce

Divorce, Income Tax, Individual Income Tax, Tax, Tax Planning / Douglas Freeman

Are you in the early stages of divorce? In addition to the tough personal issues that you’re dealing with, several tax concerns need to be addressed to ensure that taxes are kept to a minimum and that important tax-related decisions are properly made. Here are five issues to consider if you’re in the process of

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Businesses will soon be able to deduct more under the standard mileage rate

Business Mileage, Charitable Mileage Deduction, Internal Revenue Service (IRS), Small Business / Douglas Freeman

Business owners are aware that the price of gas is historically high, which has made their vehicle costs soar. The average nationwide price of a gallon of unleaded regular gas on June 17 was $5, compared with $3.08 a year earlier, according to the AAA Gas Prices website. A gallon of diesel averaged $5.78 a

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Checking in on your accounts payable processes

Accounts Payable, Business Technology, Cash Flow, Inventory Management, Small Business / Douglas Freeman

Accounts payable is a critical area of concern for every business. However, as a back-office function, it doesn’t always get the attention it deserves. Once in place, accounts payable processes tend to get taken for granted. Following are some tips and best practices for improving your company’s approach. Be strategic. Too often, businesses take a

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Your estate plan: Don’t forget about income tax planning

Capital Gains, Estate Planning, Estate Tax, Federal Gift Tax, Federal Income Tax, Gift and Estate Tax, Gift Tax, Income Tax / Douglas Freeman

As a result of the current estate tax exemption amount ($12.06 million in 2022), many people no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. Now, because many estates won’t be subject to estate tax, more planning can be devoted

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Is your corporation eligible for the dividends-received deduction?

C Corporation, Corporations, Dividend Distribution, Small Business, Stocks, Tax Deduction / Douglas Freeman

There’s a valuable tax deduction available to a C corporation when it receives dividends. The “dividends-received deduction” is designed to reduce or eliminate an extra level of tax on dividends received by a corporation. As a result, a corporation will typically be taxed at a lower rate on dividends than on capital gains. Ordinarily, the

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Simple ways to make strategic planning a reality

Small Business, Small Business Owners, Strategic Business Planning / Douglas Freeman

Every business wants to engage in strategic planning that will better position the company to sell more to current customers — and perhaps expand into new markets. Yet the term “strategic planning” is so broad. It’s easy to get overwhelmed by all the possible directions you could go in and have a hard time choosing

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Social Security benefits: Do you have to pay tax on them?

Federal Taxes, IRA, Retirement, Social Security, Tax Planning / Douglas Freeman

Some people who begin claiming Social Security benefits are surprised to find out they’re taxed by the federal government on the amounts they receive. If you’re wondering whether you’ll be taxed on your Social Security benefits, the answer is: It depends. The taxation of Social Security benefits depends on your other income. If your income

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Dodge the tumult with a buy-sell agreement

Buy-Sell Agreement, Capital Gains, Gift and Estate Tax, Small Business, Small Business Owners / Douglas Freeman

Businesses with multiple owners generally benefit from a variety of viewpoints, diverse experiences, and strategic areas of specialization. However, there’s a major risk: the company can be thrown into tumult if one of the owners decides or is compelled by circumstances, to leave. A logical and usually effective solution is to create and implement a

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