Small Business Owners – DougFreemanCPA.com

Business owners: Think carefully about fringe benefits related to smartphones

Leave a Comment / Employee Benefits, Fringe Benefits For Employees, Small Business, Small Business Owners, Small Business Tax Tips / By Douglas Freeman

You’d be hard-pressed to find many employees these days who don’t use smartphones for some aspect of their jobs. Even someone who works behind a point-of-sale device may use a phone to interact with a supervisor or log work hours. For business owners, this situation creates both problems and opportunities. On the downside, there are …

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2023 Q4 tax calendar: Key deadlines for businesses and other employers

Leave a Comment / 2023 Tax Calendar, 2023 Tax Deadlines, C Corporation, Estimated Tax Payments, Federal Income Tax Filing, FICA, IRA, Small Business, Small Business Owners, Tax Deadlines / By Douglas Freeman

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth 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 meeting all applicable deadlines and to learn more about the filing requirements. Note: …

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What businesses can expect from a green lease

Leave a Comment / (LEED)Energy and Environemtal Design, (LEED)Energy and Environmental Design, Environmental Tax Deductions, Going Green, Small Business, Small Business Owners, Small Business Tips / By Douglas Freeman

With events related to climate change continuing to rock the news cycle, many business owners are looking for ways to lessen their companies’ negative environmental impact. One move you may want to consider, quite literally, is relocating to a commercial property with a “green lease.” Increasing demand. Green leases are sometimes also known as “aligned,” …

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It’s important to understand how taxes factor into M&A transactions

Leave a Comment / Assets, C Corporation, Federal Income Tax, LLC, Merger & Acquisition, Partnerships, Past-Through Entities, S Corporation, Small Business, Small Business Owners, Small Business Stock, Small Business Tax Tips, Stocks, Tax Considerations for Selling Your Business / By Douglas Freeman

In recent years, merger and acquisition activity has been strong in many industries. If your business is considering merging with or acquiring another business, it’s important to understand how the transaction will be taxed under current law. Stocks vs. assets. From a tax standpoint, a transaction can basically be structured in two ways: 1. Stock …

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Update on depreciating business assets

Leave a Comment / Assets, Business Deductions, Business Equipment, Depreciation Deduction (Section 179), Qualified Business Income Deducton (QBI), Small Business, Small Business Owners, Small Business Tax Tips, Tax Cuts and Job Acts (TCJA) / By Douglas Freeman

Update on depreciating business assets C The Tax Cuts and Jobs Act liberalized the rules for depreciating business assets. However, the amounts change every year due to inflation adjustments. And due to high inflation, the adjustments for 2023 were big. Here are the numbers that small business owners need to know. Section 179 deductions. For …

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Look carefully at three critical factors of succession planning

Estate Planning, Merger & Acquisition, Small Business, Small Business Owners, Small Business Tips, Succession Plans / By Douglas Freeman

The day-to-day demands of running a business can make it difficult to think about the future. And by “future,” we’re not necessarily talking about how your tax liability will look at year-end or how you might grow the bottom line over the next five years. We’re referring to the future in which you no longer …

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Divorcing business owners should pay attention to the tax consequences

Assets, Capital Gains, Divorce, Small Business Owners, Small Business Stock, Small Business Tax Tips, Small Business Tips / By Douglas Freeman

If you’re getting a divorce, you know the process is generally filled with stress. But if you’re a business owner, tax issues can complicate matters even more. Your business ownership interest is one of your biggest personal assets and in many cases, your marital property will include all or part of it. Transferring property tax-free …

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Guaranteeing a loan to your corporation? There may be tax implications

Closely Held Corporations, Corporations, Small Business, Small Business Owners, Small Business Tips, Tax Planning / By Douglas Freeman

Let’s say you decide to or are asked to, guarantee a loan to your corporation. Before agreeing to act as a guarantor, endorser, or indemnitor of a debt obligation of your closely held corporation, be aware of the possible tax implications. If your corporation defaults on the loan and you’re required to pay principal or …

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5 tips for more easily obtaining cyberinsurance

Cyberdefenses, Cyberinsurance, Cybersecurity, Small Business Owners, Small Business Tips / By Douglas Freeman

Every business should dedicate time and resources to cybersecurity. Hackers are out there, in many cases far across the globe, and they’re on the prowl for vulnerable companies. These criminals typically strike at random — damaging not only a business’s ability to operate but also its reputation. One way to protect yourself, at least financially, …

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Receive more than $10,000 in cash at your business? Here’s what you must do

Cash Equivalents, Form 8300, Small Business, Small Business Owners, Small Business Tips / By Douglas Freeman

Does your business receive large amounts of cash or cash equivalents? If so, you’re generally required to report these transactions to the IRS — and not just on your tax return. The requirements. Each person who, in the course of operating a trade or business, receives more than $10,000 in cash in one transaction (or …

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