Articles and Information

2019

Many Tax-Related Limits Affecting Businesses Increase For 2019

Many Tax-Related Limits Affecting Businesses Increase For 2019 A variety of tax-related limits affecting businesses are annually indexed for inflation, and many have gone up for 2019. Here’s a look at some that may affect you and your business. Deductions: Section 179 expensing: Limit: $1.02 million (up from $1 million)...

truths-c-crops

Fundamental Tax Truths For C Corporations

Fundamental Tax Truths For C Corporations The flat 21% federal income tax rate for C corporations under the Tax Cuts and Jobs Act (TCJA) has been great news for these entities and their owners. But some fundamental tax truths for C corporations largely remain the same: C corporations are subject...

How to Avoid Getting Hit With Payroll Tax Penalties

How to Avoid Getting Hit With Payroll Tax Penalties For small businesses, managing payroll can be one of the most arduous tasks. Adding to the burden earlier this year was adjusting income tax withholding based on the new tables issued by the IRS. (Those tables account for changes under the...

2019 Q1 Tax Calendar – Key Deadlines For Businesses And Other Employers

2019 Q1 Tax Calendar - Key Deadlines For Businesses And Other Employers Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact...

Buy Business Assets Before Year End to Reduce Your 2018 Tax Liability

Buy Business Assets Before Year End to Reduce Your 2018 Tax Liability. The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these breaks, you must purchase qualifying assets and place them in service by...

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When Holiday Gifts and Parties are Deductible or Taxable

When Holiday Gifts and Parties are Deductible or Taxable The holiday season is a great time for businesses to show their appreciation for employees and customers by giving them gifts or hosting holiday parties. Before you begin shopping or sending out invitations, though, it’s a good idea to find out...

charge-ard

Business Deductions for Meal Vehicle and Travel Expenses

Business Deductions for Meal, Vehicle, and Travel Expenses. Meal, vehicle, and travel expenses are common deductions for businesses. But if you don’t properly document these expenses, you could find your deductions denied by the IRS. A critical requirement Subject to various rules and limits, business meal (generally 50%), vehicle and...

profit-loss

A Net Operating Loss on Your 2017 Tax Return Is Not All Bad News

A Net Operating Loss on Your 2017 Tax Return Is Not All Bad News. 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...