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Small Business

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 […]

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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

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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

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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

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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

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Sec. 179 expensing provides small businesses tax savings on 2017 returns — and more savings in the future

Income Tax, Real Estate, Small Business, Tax, Tax Credits, Tax Savings /

If you purchased qualifying property by December 31, 2017, you may be able to take advantage of Section 179 expensing on your 2017 tax return. You’ll also want to keep this tax break in mind in your property purchase planning, because the Tax Cuts and Jobs Act (TCJA), signed into law this past December, significantly

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Tax credit for hiring from certain “target groups” can provide substantial tax savings

Business Credit, Income Tax, Small Business, Tax Credits, Tax Savings, WOTC /

Many businesses hired in 2017, and more are planning to hire in 2018. If you’re among them and your hires include members of a “target group,” you may be eligible for the Work Opportunity tax credit (WOTC). If you made qualifying hires in 2017 and obtained proper certification, you can claim the WOTC on your 2017 tax

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TCJA Temporarily Lowers Medical Expense Deduction Threshold

Accounting, Small Business, Tax /

With rising health care costs, claiming whatever tax breaks related to health care that you can is more important than ever. But there’s a threshold for deducting medical expenses that may be hard to meet. Fortunately, the Tax Cuts and Jobs Act (TCJA) has temporarily reduced the threshold. What expenses are eligible? Medical expenses may

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