What types of expenses can’t be written off by your business? Suppose you read the Internal Revenue Code (and you probably don’t want to!). In that case, you may be surprised that most business deductions aren’t specifically listed. For example, the tax law doesn’t...
Innovative Strategies For Winning Tax Controversies, Business Structuring And Estate Planning
business expenses
Accelerate Business Income to Avoid future Tax Increases
Taking the opposite approach: Ways your business can accelerate taxable income and defer deductions Typically, businesses want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it prudent to do the...
Expense Reimbursemnt Plans are Good Tax and Business Planning!
Deducting a Spouse on a Business Trip
Can you deduct the costs of a spouse on a business trip? If you own your own company and travel for business, you may wonder whether you can deduct the costs of having your spouse accompany you on trips. The rules for deducting a spouse’s travel costs are very...
Company Car – great tax benefit!
The use of a company car is a valuable fringe benefit for business owners and key employees. This perk results in tax deductions for the employer and tax breaks for the owners and employees using the cars. (And of course, they get the nontax benefit of getting a company car.) For tax deduction purposes, a business will treat the car much the same way it would any other business asset. Providing an auto for an owner or key employee comes with complications and paperwork. Personal use will have to be tracked and valued under the fringe benefit tax rules and treated as income. We can help you stay in compliance with the rules and explain more about this prized perk.
Tax Limit Increases for Business in 2022
Numerous tax limits affecting businesses have increased for 2022 Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022. Here’s a rundown of those that may be important to you and your business. Social...
You still have a few Tax Savings ideas for LAST year!
HAVEN’T FILED YOUR 2019 BUSINESS TAX RETURN YET? THERE MAY BE WAYS TO CHIP AWAY AT YOUR BILL The extended federal income tax deadline is coming up fast. As you know, the IRS postponed until July 15 the payment and filing deadlines that otherwise would have fallen on...
Avoiding Taxable Dividends when Withdrawing Money from a Corporation
5 WAYS TO WITHDRAW CASH FROM YOUR CORPORATION WHILE AVOIDING DIVIDEND TREATMENT Do you want to withdraw cash from your closely held corporation at a low tax cost? The easiest way is to distribute cash as a dividend. However, a dividend distribution isn’t...
Company Automobile – a great benefit!
THE TAX IMPLICATIONS OF A COMPANY CAR The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This benefit results in tax deductions for the employer as well as tax breaks for the owners and employees using the cars....
Business Tax Write-Offs for Purchased Equipment
IT’S A GOOD TIME TO BUY BUSINESS EQUIPMENT AND OTHER DEPRECIABLE PROPERTY There’s good news about the Section 179 depreciation deduction for business property. The election has long provided a tax windfall to businesses, enabling them to claim immediate deductions for...
