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Small Business

Estimated tax payments: Who owes them and when is the next one due?

Capital Gains, Dividend Distribution, Estimated Tax Payments, Federal Taxes, Income Tax, Small Business /

If you don’t have enough federal tax withheld from your paychecks and other payments, you may have to make estimated tax payments. This is the case if you receive interest, dividends, self-employment income, capital gains or other income. Here are the applicable rules for paying estimated tax without triggering the penalty for underpayment. When are […]

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Is your business required to report employee health coverage?

Company Health Care Plans, Employee Benefits, Employees, Form W-2, Health Care, Small Business /

As you’re aware, certain employers are required to report information related to their employees’ health coverage. Does your business have to comply, and if so, what must be done? Basic rules. Certain employers with 50 or more full-time employees (called “applicable large employers” or ALEs) must use Forms 1094-C and 1095-C to report the information

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Provide employee parking? Here’s what the IRS wants to know

Employee Benefits, Fringe Benefits For Employees, Small Business /

Many offices, plants and other business facilities are once again filled with real, live people. And those hard-working employees need somewhere to park. If your company provides parking as a fringe benefit — either on or near your premises or at a location from which employees commute — the IRS may take an interest in

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How to treat business website costs for tax purposes

Business Equipment, Business Expenses, Depreciation Deduction (Section 179), Small Business, Website Development Tax Deductions /

These days, most businesses have websites. But surprisingly, the IRS hasn’t issued formal guidance on when website costs can be deducted. Fortunately, established rules that generally apply to the deductibility of business costs provide business taxpayers launching a website with some guidance as to the proper treatment of the costs. Plus, businesses can turn to

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6 steps to easing employees’ fears about innovation

Employees, Innovation, Small Business, Small Business Owners /

Business owners often find the greatest obstacle to innovation isn’t the change itself, but employees’ resistance to it. Their hesitation or outright defiance is frequently driven by fear. Some workers might worry about how the innovation will alter their jobs — or whether it will even eliminate their positions. Others could reject the concept and

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Three tax breaks for small businesses

C Corporation, Cash Method of Accounting, Federal Income Tax, LLC, Past-Through Entities, Qualified Business Income Deducton (QBI), S Corporation, Section 179, Shareholder, Small Business, Sole Proprietors, Tax, Tax Deduction /

Sometimes, bigger isn’t better: Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to larger businesses. Here are some examples. 1. QBI deduction. For 2018 through 2025, the qualified business income (QBI) deduction is available to eligible individuals, trusts, and estates. But it’s not available to C corporations or

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Important considerations when engaging in a like-kind exchange

Deferred Tax, Like-kind Exchange of Property, Small Business, Small Business Owners /

A business or individual might be able to dispose of appreciated real property without being taxed on the gain by exchanging it rather than selling it. You can defer tax on your gain through a “like-kind” or Section 1031 exchange. A like-kind exchange is a swap of real property held for investment or for productive

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Weathering the storm of rising inflation

Business Mileage, Cash Flow, Inflation, Internal Revenue Service (IRS), Recession, Small Business, Tax, Tax Deduction, Tax Savings /

Like a slowly gathering storm, inflation has gone from dark clouds on the horizon to a noticeable downpour on both the U.S. and global economies. Is it time for business owners to panic? Not at all. As of this writing, a full-blown recession is possible but not an absolute certainty. And the impact of inflation

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The tax obligations if your business closes its doors

C Corporation, Corporations, Federal Income Tax, Income Tax, Independent Contractors, Partnerships, Small Business, Small Business Owners, Sole Proprietors /

Sadly, many businesses have been forced to shut down recently due to the pandemic and the economy. If this is your situation, we can assist you, including taking care of the various tax responsibilities that must be met. Of course, a business must file a final income tax return and some other related forms for

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How do taxes factor into an M&A transaction?

Assets, C Corporation, Federal Taxes, Income Tax, LLC, Merger & Acquisition, Partnerships, S Corporation, Small Business, Stocks /

Although merger and acquisition activity has been down in 2022, according to various reports, there are still companies being bought and sold. 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

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