There is a common misconception that larger businesses benefit from all of the tax breaks. That is not always the case. There are some breaks that benefit smaller businesses and are not available to larger businesses. Here are three examples of tax breaks your small business can potentially take advantage of. 1. QBI deduction For […]

An interesting byproduct of the pandemic is that it created a somewhat involuntary experiment in remote work. Many businesses that were previously reluctant to allow telework — and remote sales, in particular — have learned that they can be highly effective. If your company continues to deploy a remote sales staff, don’t assume it will […]

Taxpayers think about how they can save taxes by transferring assets into their children’s names. This tax strategy is called income shifting. The goal is to take income out of your higher tax bracket and place it in the lower tax brackets of your children. While some tax savings are available through this approach, the […]

Taxpayers are capable to sell appreciated real property without being taxed on the gain by exchanging it with another property. 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 use in your trade or […]

Many have begun to notice the increasing inflation in the U.S. and global economies. This rise can make individuals and businesses alike feel the pressure. Are business owners facing enough inflation pressure yet that it’s time to panic?   Not at all. As of this writing, a full-blown recession is possible but not an absolute […]

Electric vehicles (EVs) have been growing in popularity in recent years. If you’re considering purchasing one, or have recently purchased one, you may want to consider the impact on your taxes. If you buy an EV, you may be eligible for a federal tax break.   The tax code provides a credit to purchasers of […]

Closing a business isn’t as simple as shutting the doors and walking away. There are many steps in the process, and one of these is that once your business closes, it must file a final income tax return. Here’s a rundown of the basic requirements.   A business must file a final income tax return […]

Normally a signature must be witnessed “in the physical presence” by a retirement plan representative or notary public under the IRS regulations regarding electronic consents and elections. Recently, in Notice 2022-27, the IRS extended, through the end of 2022, its temporary relief from the physical presence requirement. This is good news for businesses that sponsor […]

Have you been receiving disability income? It may be taxable taxability depending on a few circumstances. The key issue is: Who paid for the benefit? If the income is paid directly to you by your employer, it’s taxable to you just as your ordinary salary would be. (Taxable benefits are also subject to federal income […]

Is your business considering merging with or acquiring another business? Make sure you understand how the transaction will be taxed based on the different scenarios below.   Stocks vs. assets From a tax standpoint, a transaction can basically be structured in two ways: 1. Stock (or ownership interest). A buyer can directly purchase a seller’s […]