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Douglas Freeman

When businesses may want to take a contrary approach with income and deductions

Business Deductions, Business Income Tax, Capital Gains, Corporate Federal Income Tax Rate, Depreciation Deduction (Section 179), Uncategorized /

Businesses usually want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it wise to do the opposite? And why would you want to? One reason might be tax law changes that raise tax rates. The Biden administration has proposed raising the corporate federal income […]

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The pros and cons of turning your home into a rental

Real Estate, Rental Income, Rental Property /

If you’re buying a new home, you may have thought about keeping your current home and renting it out. In March, average rents for one- and two-bedroom residences were $1,487 and $1,847, respectively, according to the latest Zumper National Rent Report. In some parts of the country, rents are much higher or lower than the

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Don’t have a tax-favored retirement plan? Set one up now

401K, IRA, Retirement, Self Employed, Simplified Employee Pension (SEP), Sole Proprietors, Tax Deduction, Tax Planning, Tax-Advantaged Retirement Plan, The SECURE Act /

If your business doesn’t already have a retirement plan, it might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions. For example, if you’re self-employed and set up a SEP-IRA, you can contribute up to 20% of your self-employment earnings, with a maximum contribution of $69,000 for

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7 common payroll risks for small to midsize businesses

Employees, Mid-Size Businesses, Payroll Audit, Payroll Service, Small Business, Small Business Owners /

If your company has been in business for a while, you may not pay much attention to your payroll system so long as it’s running smoothly. But don’t get too complacent. Major payroll errors can pop up unexpectedly — creating huge disruptions costing time and money to fix, and, perhaps worst of all, compromising the

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Scrupulous records and legitimate business expenses are the key to less painful IRS audits

Bookkeeping, Internal Revenue Service (IRS), IRS Audit, Small Business, Small Business Owners /

If you operate a business, or you’re starting a new one, you know records of income and expenses need to be kept. Specifically, you should carefully record expenses to claim all the tax deductions to which you’re entitled and you want to make sure you can defend the amounts reported on your tax returns in

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A general look at generative AI for businesses

Artificial Intelligence (AI) for Business, Small Business, Small Business Owners /

If you follow the news, you’ve probably heard a lot about artificial intelligence (AI) and how it’s slowly and steadily expanding into various aspects of our lives. One widely cited example is ChatGPT, an AI “chatbot” that can engage in conversations with users and create coherently written articles, as well as other content when prompted.

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The tax deadline is almost here: File for an extension if you’re not ready

Federal Taxes, Individual Income Tax, Internal Revenue Service (IRS), State Tax, Tax Deadlines /

The April 15 tax filing deadline is right around the corner. However, you might not be ready to file. Sometimes, it’s not possible to gather your tax information by the due date. If you need more time, you should file for an extension on Form 4868. An extension will give you until October 15 to

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2024 Q2 tax calendar: Key deadlines for businesses and employers

2024 Tax Deadlines, Corporations, Federal Taxes, FICA, Medicare Taxes, Quarterly Estimated Tax Payments, Small Business, Small Business Owners, Social Security & Medicare (FICA) taxes, Taxes 2024 /

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2024. 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

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