Facebook Linkedin Twitter

Small Business

The TCJA changes some rules for deducting pass-through business losses

Income Tax, Individual Income Tax, Past-Through Entities, S Corporation, Small Business, Tax Cuts and Job Acts (TCJA) /

It’s not uncommon for businesses to sometimes generate tax losses. But the losses that can be deducted are limited by tax law in some situations. The Tax Cuts and Jobs Act (TCJA) further restricts the amount of losses that sole proprietors, partners, S corporation shareholders and, typically, limited liability company (LLC) members can currently deduct […]

The TCJA changes some rules for deducting pass-through business losses Read More »

IRS Audit Techniques Guides provide clues to what may come up if your business is audited

Audit Techniques Guide (ATGs), IRS Audit, Small Business, Tax, Tax Audits /

IRS examiners use Audit Techniques Guides (ATGs) to prepare for audits — and so can small business owners. Many ATGs target specific industries, such as construction. Others address issues that frequently arise in audits, such as executive compensation and fringe benefits. These publications can provide valuable insights into issues that might surface if your business

IRS Audit Techniques Guides provide clues to what may come up if your business is audited Read More »

Tax document retention guidelines for small businesses

Doucment Retention, Small Business /

You may have breathed a sigh of relief after filing your 2017 income tax return (or requesting an extension). But if your office is strewn with reams of paper consisting of years’ worth of tax returns, receipts, canceled checks and other financial records (or your computer desktop is filled with a multitude of digital tax-related

Tax document retention guidelines for small businesses Read More »

TCJA changes to employee benefits tax breaks: 4 negatives and a positive

Business Credit, Employee Benefits, Federal Income Tax, Small Business, Tax, Tax Credits, Tax Cuts and Job Acts (TCJA) /

The Tax Cuts and Jobs Act (TCJA) includes many changes that affect tax breaks for employee benefits. Among the changes are four negatives and one positive that will impact not only employees but also the businesses providing the benefits. Four breaks curtailed beginning with the 2018 tax year, the TCJA reduces or eliminates tax breaks

TCJA changes to employee benefits tax breaks: 4 negatives and a positive Read More »

A net operating loss on your 2017 tax return isn’t all bad news

Federal Income Tax, Income Tax, Past-Through Entities, S Corporation, Small Business, Tax Credits, Tax Cuts and Job Acts (TCJA) /

When a company’s deductible expenses exceed its income, generally a net operating loss (NOL) occurs. If when filing your 2017 income tax return you found that your business had an NOL, there is an upside: tax benefits. But beware — the Tax Cuts and Jobs Act (TCJA) makes some significant changes to the tax treatment

A net operating loss on your 2017 tax return isn’t all bad news Read More »

Should you file Form SS-8 to ask the IRS to determine a worker’s status?

Employee Tax Audit, Federal Income Tax, Income Tax, Independent Contractors, Small Business, Tax Deduction /

Classifying workers as independent contractors — rather than employees — can save businesses money and provide other benefits. But the IRS is on the lookout for businesses that do this improperly to avoid taxes and employee benefit obligations. To find out how the IRS will classify a particular worker, businesses can file optional IRS Form

Should you file Form SS-8 to ask the IRS to determine a worker’s status? Read More »

2018 Q2 tax calendar: Key deadlines for businesses and other employers

Income Tax, Small Business, Tax, Tax Calendar 2018 /

Here are some of the key tax-related deadlines affecting businesses and other employers during the second 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. April

2018 Q2 tax calendar: Key deadlines for businesses and other employers Read More »

Defer tax with a Section 1031 exchange, but new limits apply this year

Depreciation, Small Business, Tax Cuts and Job Acts (TCJA), Tax Deduction /

Normally when appreciated business assets such as real estate are sold, a tax is owed on the appreciation. But there’s a way to defer this tax: a Section 1031 “like kind” exchange. However, the Tax Cuts and Jobs Act (TCJA) reduces the types of property eligible for this favorable tax treatment. What is a like-kind

Defer tax with a Section 1031 exchange, but new limits apply this year Read More »

Make sure repairs to tangible property were actually repairs before you deduct the cost

Buildings, Depreciation, Exemptions, Repairs and Maintenance, Safe Habor, Small Business, Tangible Property Deductions, Tax Credits, Tax Deduction /

Repairs to tangible property, such as buildings, machinery, equipment or vehicles, can provide businesses a valuable current tax deduction — as long as the so-called repairs weren’t actually “improvements.” The costs of incidental repairs and maintenance can be immediately expensed and deducted on the current year’s income tax return. But costs incurred to improve tangible

Make sure repairs to tangible property were actually repairs before you deduct the cost Read More »

Size of charitable deductions depends on many factors

Charitable, Donations, Federal Income Tax, Income Tax, Individual Income Tax, Small Business /

Whether you’re claiming charitable deductions on your 2017 return or planning your donations for 2018, be sure you know how much you’re allowed to deduct. Your deduction depends on more than just the actual amount you donate. Type of gift. One of the biggest factors affecting your deduction is what you give: Cash. You may

Size of charitable deductions depends on many factors Read More »