Summertime can mean hiring time for many types of businesses. With legions of working-age kids and college students out of school, and some spouses of business owners looking for part-time or seasonal work, companies may have a much deeper hiring pool to dive into this time of year. If you’re considering hiring your children or
Hiring family members can offer tax advantages (but be careful) Read More »
Here are some of the key tax-related deadlines affecting businesses and other employers during the third 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. July
2023 Q3 tax calendar: Key deadlines for businesses and other employers Read More »
Your business may be able to claim big first-year depreciation tax deductions for eligible real estate expenditures rather than depreciate them over several years. But should you? It’s not as simple as it may seem. Qualified improvement property. For qualifying assets placed in service in tax years beginning in 2023, the maximum allowable first-year Section
If you and your employees are traveling for business this summer, there are a number of considerations to keep in mind. Under tax law, in order to claim deductions, you must meet certain requirements for out-of-town business travel within the United States. The rules apply if the business conducted reasonably requires an overnight stay. Note:
Traveling for business this summer? Here’s what you can deduct Read More »
In recent years, many workers have become engaged in the “gig” economy. You may think of gig workers as those who deliver take-out restaurant meals, walk dogs and drive for ride-hailing services. But so-called gig work seems to be expanding. Today, some nurses have become gig workers and writers in Hollywood who recently went on
Being a gig worker comes with tax consequences Read More »
Many businesses use independent contractors to help keep their costs down — especially in these times of staff shortages and inflationary pressures. If you’re among them, be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake. The question of whether
If you’re hiring independent contractors, make sure they’re properly handled Read More »
Businesses that operate in the retail or restaurant spheres have it relatively easy when it comes to collections. They generally take payments right at a point-of-sale terminal and customers go on their merry ways. (These enterprises face many other challenges, of course.) For other types of companies, it’s not so easy. Collections can be particularly
6 tried-and-true strategies for improving collections Read More »
Whether you’re operating a new company or an established business, losses can happen. The federal tax code may help soften the blow by allowing businesses to apply losses to offset taxable income in future years, subject to certain limitations. Qualifying for a deduction. The net operating loss (NOL) deduction addresses the tax inequities that can
Use the tax code to make business losses less painful Read More »
With concerns about inflation in the news for months now, most business owners are keeping a close eye on costs. Although it can be difficult to control costs related to mission-critical functions such as overhead and materials, you might find some budge room in employee benefits. Many companies have lowered their benefits costs by offering
Businesses, be prepared to champion the advantages of an HSA Read More »
If you’re a crypto investor or user, you may have noticed something new on your tax return this year. And you may soon notice a new form reporting requirements for digital assets. Check the box. Beginning with tax year 2022, taxpayers must check a box on their tax returns indicating whether they received digital assets
Tax news for investors and users of cryptocurrency Read More »