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Small Business Tax Tips

Better tax break when applying the research credit against payroll taxes

(R&D) Research and Development, AMT (Alternative Miminum Tax), Inflation Reduction Act, Small Business, Small Business Owners, Small Business Tax Tips, Tax Credits /

The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to certain eligible small businesses. Claiming the credit involves complex calculations, which we’ll take care of for you. But in addition to the credit itself, be aware that there are two additional features […]

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What’s the best accounting method route for business tax purposes?

Accounting, Accrual Method of Accounting, C Corporation, Cash Method of Accounting, Farming Businesses, Federal Income Tax, S Corporation, Small Business, Small Business Owners, Small Business Tax Tips /

Businesses basically have two accounting methods to figure their taxable income: cash and accrual. Many businesses have a choice of which method to use for tax purposes. The cash method often provides significant tax benefits for eligible businesses, though some may be better off using the accrual method. Thus, it may be prudent for your

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Tax-favored Qualified Small Business Corporation status could help you thrive

C Corporation, Federal Income Tax, LLC, Partnerships, Qualified Small Business Corporation (QSBC), S Corporation, Small Business Tax Tips, Small Business Tips /

Operating your small business as a Qualified Small Business Corporation (QSBC) could be a tax-wise idea. Tax-free treatment for eligible stock gains. QSBCs are the same as garden-variety C corporations for tax and legal purposes — except QSBC shareholders are potentially eligible to exclude from federal income tax 100% of their stock sale gains. That

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Does your business have employees who get tips? You may qualify for a tax credit

Federal Tax Credit, FICA, Restaurant Owners, Small Business Tax Tips, Small Business Tips, Uncategorized /

If you’re an employer with a business where tipping is routine when providing food and beverages, you may qualify for a federal tax credit involving the Social Security and Medicare (FICA) taxes that you pay on your employees’ tip income. Credit fundamentals. The FICA credit applies to tips that your staff members receive from customers

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Defer a current tax bill with a like-kind exchange

Federal Taxes, Like-kind Exchange of Property, Real Estate, Small Business, Small Business Owners, Small Business Tax Tips /

If you’re interested in selling commercial or investment real estate that has appreciated significantly, one way to defer a tax bill on the gain is with a Section 1031 “like-kind” exchange. With this transaction, you exchange the property rather than sell it. Although the real estate market has been tough recently in some locations, there

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2024 Q1 tax calendar: Key deadlines for businesses and other employers

2024 Tax Calendar, Federal Taxes, Small Business, Small Business Owners, Small Business Tax Tips, Taxes 2024 /

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. If you have questions about filing requirements, contact us. We can ensure you’re meeting all applicable deadlines.

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4 ideas that may help reduce your 2023 tax bill

Charitable Contributions, Federal Tax Deductions, Retirement, Small Business, Small Business Owners, Small Business Tax Tips, Stocks, Taxes 2023 /

If you’re concerned about your 2023 tax bill, there may still be time to reduce it. Here are four quick strategies that may help you trim your taxes before year-end. 1. Accelerate deductions and/or defer income. Certain tax deductions are claimed for the year of payment, such as the mortgage interest deduction. So, if you

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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 /

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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Key 2024 inflation-adjusted tax parameters for small businesses and their owners

Federal Taxes, Inflation, LLC, Ordinary Income Tax, Partnerships, Past-Through Entities, S Corporation, Self Employment Tax, Small Business, Small Business Owners, Small Business Tax Tips, Sole Proprietors /

The IRS recently announced various inflation-adjusted federal income tax amounts. Here’s a rundown of the amounts that are most likely to affect small businesses and their owners. Rates and brackets. If you run your business as a sole proprietorship or pass-through business entity (LLC, partnership or S corporation), the business’s net ordinary income from operations

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Business automobiles: How the tax depreciation rules work

Actual Expenses Method, Business Automobiles, Business Mileage, Federal Taxes, Small Business, Small Business Owners, Small Business Tax Tips, Small Business Tips, Standard Business Mileage Rate, Vechicle /

Do you use an automobile in your trade or business? If so, you may question how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles classified as passenger autos (which include many pickups and SUVs) can result in it taking longer than expected to fully depreciate a vehicle.

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