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Small Business

Could a cost segregation study help you accelerate depreciation deductions?

Cost Segregation Study, Depreciation, Internal Revenue Service, Small Business, Tax, Tax Cuts and Job Acts (TCJA) /

Businesses that acquire, construct or substantially improve a building — or did so in previous years — should consider a cost segregation study. It may allow you to accelerate depreciation deductions, thus reducing taxes and boosting cash flow. And the potential benefits are now even greater due to enhancements to certain depreciation-related breaks under the […]

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Be sure your employee travel expense reimbursements will pass muster with the IRS

Business Travel Deductions, Business Travel Expense, Deductable Expenses, Internal Revenue Service, Small Business, Tax Cuts and Job Acts (TCJA), Tax Deduction /

Does your business reimburse employees’ work-related travel expenses? If you do, you know that it can help you attract and retain employees. If you don’t, you might want to start, because changes under the Tax Cuts and Jobs Act (TCJA) make such reimbursements even more attractive to employees. Travel reimbursements also come with tax benefits,

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2018 Q4 tax calendar: Key deadlines for businesses and other employers

2017 Tax Dealine, C Corporation, Income Tax, Internal Revenue Service, Q4 Tax Calendar, Small Business, Tax Calendar 2018, Tax Withholdings /

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2018. 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. October

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How to reduce the tax risk of using independent contractors

Business Income Tax, Income Tax, Internal Revenue Service, Small Business, Tax Cuts and Job Acts (TCJA) /

Classifying a worker as an independent contractor frees a business from payroll tax liability and allows it to forgo providing overtime pay, unemployment compensation and other employee benefits. It also frees the business from responsibility for withholding income taxes and the worker’s share of payroll taxes. For these reasons, the federal government views misclassifying a

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Choosing the right accounting method for tax purposes

Accrual Method of Accounting, Cash Method of Accounting, Hybrid Method of Accounting, Small Business, Tax, Tax Cuts and Job Acts (TCJA), Tax Deduction, Tax Planning, Tax Savings, Tax Withholdings /

The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method — which is simpler than the accrual method — available to more businesses. Now the IRS has provided procedures a small business taxpayer can use to obtain automatic consent to change its method of

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An FLP can save tax in a family business succession

FLP (Family Limited Partnership), Gift Tax, Small Business, Tax Cuts and Job Acts (TCJA), Tax Planning, Tax Savings /

One of the biggest concerns for family business owners is succession planning — transferring ownership and control of the company to the next generation. Often, the best time tax-wise to start transferring ownership is long before the owner is ready to give up control of the business. A family limited partnership (FLP) can help owners

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Do you qualify for the home office deduction?

Deductable Expenses, Home Office Deduction, Small Business, Tax Cuts and Job Acts (TCJA), Tax Deduction, Tax Savings /

Under the Tax Cuts and Jobs Act, employees can no longer claim the home office deduction. If, however, you run a business from your home or are otherwise self-employed and use part of your home for business purposes, the home office deduction may still be available to you. Home-related expenses– Homeowners know that they can

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Close-up on the new Qualified Business Income deduction’s wage limit

Business Income Tax, Federal Income Tax, Income Tax, Past-Through Entities, Qualified Business Income Deducton (QBI), S Corporation, Small Business, Tax, Tax Deduction, Tax Savings /

The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to noncorporate owners of pass-through entities: a deduction for a portion of qualified business income (QBI). The deduction generally applies to income from sole proprietorships, partnerships, S corporations and, typically, limited liability companies (LLCs). It can equal as much as 20% of

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How to avoid getting hit with payroll tax penalties

Employment Tax, Federal Income Tax, Federal Taxes, Individual Income Tax, Payroll Service, Payroll Tax, Small Business, State Tax, Tax Cuts and Job Acts (TCJA) /

For small businesses, managing payroll can be one of the most arduous tasks. Adding to the burden earlier this year was adjusting income tax withholding based on the new tables issued by the IRS. (Those tables account for changes under the Tax Cuts and Jobs Act.) But it’s crucial not only to withhold the appropriate

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