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Business Income Tax

Do you run your business from home? You might be eligible for home office deductions

Business Deductions, Business Equipment, Business Expenses, Business Income Tax, Business Mileage, Business Plan, Deductions, Federal Income Tax, Home Office Deduction, Income Tax, Small Business /

If you’re self-employed and work out of an office in your home, you may be entitled to home office deductions. However, you must satisfy strict rules. If you qualify, you can deduct the “direct expenses” of the home office. This includes the costs of painting or repairing the home office and depreciation deductions for furniture […]

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New law provides a variety of tax breaks to businesses and employers

2019 Tax Return, 401K, Business Income Tax, Federal Income Tax, Federal Taxes, Health Care, Income Tax, Small Business, Tax Cuts and Job Acts (TCJA), Tax Planning /

While you were celebrating the holidays, you may not have noticed that Congress passed a law with a grab bag of provisions that provide tax relief to businesses and employers. The “Further Consolidated Appropriations Act, 2020” was signed into law on December 20, 2019. It makes many changes to the tax code, including an extension

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Small Businesses: It may not be not too late to cut your 2019 taxes

Assets, Business Deductions, Business Equipment, Business Income Tax, Deductions, Equipment, Federal Income Tax, Federal Tax Deductions, Simplified Employee Pension (SEP), Small Business, Tax Planning /

Don’t let the holiday rush keep you from taking some important steps to reduce your 2019 tax liability. You still have time to execute a few strategies, including 1. Buying assets. Thinking about purchasing new or used heavy vehicles, heavy equipment, machinery or office equipment in the new year? Buy it and place it in

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2 valuable year-end tax-saving tools for your business

Business Deductions, Business Equipment, Business Income Tax, Depreciation, Depreciation Deduction (Section 179), Section 179, Tax, Tax Deduction, Tax Planning /

At this time of year, many business owners ask if there’s anything they can do to save tax for the year. Under current tax law, there are two valuable depreciation-related tax breaks that may help your business reduce its 2019 tax liability. To benefit from these deductions, you must buy eligible machinery, equipment, furniture or

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Setting up a Health Savings Account for your small business

Business Income Tax, Deductions, Employee Benefits, Employees, High Deductable Health Plan, HSA, Tax, Tax Deduction /

Given the escalating cost of employee health care benefits, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). For eligible individuals, HSAs offer a tax-advantaged way to set aside funds (or have their employers do so) to meet future medical needs. Here are the key tax

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The chances of an IRS audit are low, but business owners should be prepared

Audits, Business Audit, Business Income Tax /

Many business owners ask: How can I avoid an IRS audit? The good news is that the odds against being audited are in your favor. In the fiscal year 2018, the IRS audited approximately 0.6% of individuals. Businesses, large corporations, and high-income individuals are more likely to be audited but, overall, audit rates are historically

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Should you elect S corporation status?

Business Income Tax, Federal Taxes, Internal Revenue Service, S Corporation, Small Business, Social Security, Social Security & Medicare (FICA) taxes, Tax, Tax Cuts and Job Acts (TCJA), Tax Savings /

Operating a business as an S corporation may provide many advantages, including limited liability for owners and no double taxation (at least at the federal level). Self-employed people may also be able to lower their exposure to Social Security and Medicare taxes if they structure their businesses as S corps for federal tax purposes. But

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Take a closer look at home office deductions

Business Deductions, Business Income Tax, Deductable Expenses, Deductions, Home Office Deduction, Income Tax, Self Employed, Small Business, Tax Cuts and Job Acts (TCJA), Tax Planning, Tax Record Retention /

Working from home has its perks. Not only can you skip the commute, but you also might be eligible to deduct home office expenses on your tax return. Deductions for these expenses can save you a bundle, if you meet the tax law qualifications. Under the Tax Cuts and Jobs Act, employees can no longer

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Which entity is most suitable for your new or existing business?

Business Income Tax, C Corporation, Capital Gains, Income Tax, Limited Liability Company, LLC, Partnerships, Past-Through Entities, Qualified Business Income Deducton (QBI), S Corporation, Small Business, Sole Proprietors, Tax Cuts and Job Acts (TCJA) /

The Tax Cuts and Jobs Act (TCJA) has changed the landscape for business taxpayers. That’s because the law introduced a flat 21% federal income tax rate for C corporations. Under prior law, profitable C corporations paid up to 35%. The TCJA also cut individual income tax rates, which apply to sole proprietorships and pass-through entities,

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2019 Q3 tax calendar: Key deadlines for businesses and other employers

2019 Tax Forms, Business Income Tax, C Corporation, Contributions, Federal Income Tax, Federal Taxes, Income Tax, Partnerships, Retirement, S Corporation, Tax Deadlines, Tax Planning /

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2019. 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. July

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