Does your business barter? Here are some facts you should know In today’s economy, many small businesses are strapped for cash. They may find it beneficial to barter or trade for goods and services instead of paying cash for them. The problem with bartering is it is...
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...
Making withdrawals from your closely held corporation that aren’t taxed as dividends Do you want to withdraw cash from your closely held corporation at a minimum tax cost? The simplest way is to distribute cash as a dividend. However, a dividend distribution isn’t...
IRS temporarily stops mailing some automated collection notices Note: The IRS is not mailing some normal notices to Taxpayers and their tax lawyer because the IRS is behind in processing millions of original and amended tax returns. This problem started in 2020...
Important tax aspects of operating your business as a sole proprietor If you’re in business for yourself as a sole proprietor, or you’re planning to start a business, you need to know about the tax aspects of your venture. Here are eight important issues to consider:...
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.
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...
The SBA is out of money for PPP Loans as of May 4, 2021. Only loans currently in process will be considered. Congress chose to spend $2 Trillion on other programs rather than continuing these vital loans for small businesses. I have helped more than 50 small...
Know the ins and outs of “reasonable compensation” for a corporate business owner Owners of incorporated businesses know that there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason: A corporation can deduct...