Business Income Tax – DougFreemanCPA.com

5 tax breaks on the table: What business owners should know about the latest proposals

(R&D) Research and Development, Business Income Tax, Corporate Federal Income Tax Rate, Federal Taxes, Independent Contractors, Past-Through Entities, Qualified Business Income Deducton (QBI), Section 179, Small Business Owners, Small Business Tax Tips, Small Business Tips / Douglas Freeman

A bill in Congress — dubbed The One, Big, Beautiful Bill — could significantly reshape several federal business tax breaks. While the proposed legislation is still under debate, it’s already sparking attention across business communities. Here’s a look at the current rules and proposed changes for five key tax provisions and what they could mean […]

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Can you turn business losses into tax relief?

Business Deductions, Business Income Tax, C Corporation, Net Operating Loss (NOL), Small Business, Small Business Owners, Tax Planning / Douglas Freeman

Even well-run companies experience down years. The federal tax code may allow a bright strategy to lighten the impact. Certain losses, within limits, may be used to reduce taxable income in later years. Who qualifies? The net operating loss (NOL) deduction levels the playing field between businesses with steady income and those with income that

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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 / Douglas Freeman

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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There still may be time to reduce your small business 2023 tax bill

Business Income Tax, Depreciation Deduction (Section 179), Federal Taxes, Small Business, Small Business Owners, Small Business Tax Tips, Tax Savings, Taxes 2023 / Douglas Freeman

In the midst of holiday parties and shopping for gifts, don’t forget to consider steps to cut the 2023 tax liability for your business. You still have time to take advantage of a few opportunities. Time deductions and income. If your business operates on a cash basis, you can significantly affect your amount of taxable

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The tax advantages of hiring your child this summer

Business Income Tax, Federal Income Tax, Federal Income Tax Filing, Federal Unemployment (FUTA Tax, Income Tax, Small Business Tax Tips, Social Security & Medicare (FICA) taxes, Summer Employees / Douglas Freeman

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.

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2023 Q2 tax calendar: Key deadlines for businesses and employers

2022 Tax Return, 2023 Tax Calendar, Business Income Tax, Corporations, Estimated Tax Payments, Federal Taxes, FICA, Quarterly Estimated Tax Payments, Small Business, Small Business Tax Tips / Douglas Freeman

2023 Q2 tax calendar: Key deadlines for businesses and employers C 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

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Do you run a business from home? You may be able to deduct home office expenses

Actual Expenses Method, Business Deductions, Business Expenses, Business Income Tax, Home Office Deduction, Self Employed, Small Business Owners, Small Business Tax Tips / Douglas Freeman

Many people began working from home during the COVID-19 pandemic — and many still work from their home offices either all the time or on a hybrid basis. If you’re self-employed and run your business from home or perform certain functions there, you might be able to claim deductions for home office expenses against your

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Key tax issues in M&A transactions

Assets, Business Income Tax, Capital Gains, Federal Income Tax, LLC, Merger & Acquisition, Partnerships, S Corporation, Small Business, Small Business Tax Tips, Sole Proprietors, Stocks, Taxes 2023 / Douglas Freeman

Merger and acquisition activity dropped dramatically last year due to rising interest rates and a slowing economy. The total value of M&A transactions in North America in 2022 was down 41.4% from 2021, according to S&P Global Market Intelligence. But some analysts expect 2023 to see increased M&A activity in certain industries. If you’re considering

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Intangible assets: How must the costs incurred be capitalized?

Assets, Business Income Tax, Income Tax, Intangible Assets, Small Business, Tax / Douglas Freeman

These days, most businesses have some intangible assets. The tax treatment of these assets can be complex. What makes intangibles so complicated? IRS regulations require the capitalization of costs to: Acquire or create an intangible asset, Create or enhance a separate, distinct intangible asset, Create or enhance a “future benefit” identified in IRS guidance as

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Separating your business from its real estate

Assets, Business Income Tax, C Corporation, Capital Gains, Estate Planning, Income Tax, LLC, Partnerships, Past-Through Entities, Real Estate, Small Business Owners / Douglas Freeman

Does your business need real estate to conduct operations? Or does it otherwise hold property and put the title in the name of the business? You may want to rethink this approach. Any short-term benefits may be outweighed by the tax, liability, and estate planning advantages of separating real estate ownership from the business. Tax

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