There Still May Be Time to Reduce Your Small Business 2023 Tax Bill By: Ed Decker In the midst of holiday parties and shopping for gifts, don’t forget to consider steps to cut the 2023 tax liability for your business. You still have time to take […]
Key 2024 inflation-adjusted tax parameters for small businesses and their owners By: David M. Reape The IRS recently announced various inflation-adjusted federal income tax amounts. Here’s a rundown of the amounts that are most likely to affect small businesses and their owners. Rates and brackets […]
IRS Permits Car Dealers to Provide EV Tax Rebates at Purchase By: Sue Bennett Electric vehicle buyers can now transfer their tax credits to automobile dealers and receive upfront payments that effectively cut the cost, according to IRS and Treasury Department’s recently issued guidance. […]
New Per Diem Business Travel Rates Kicked In on October 1 By: David M. Reape Are employees at your business traveling and frustrated about documenting expenses? Or perhaps you’re annoyed at the time and energy that goes into reviewing business travel expenses. There may be […]
The Social Security Wage Base for Employees and Self-Employed People is Increasing in 2024 By: David M. Reape The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $168,600 for 2024 (up from $160,200 for 2023). Wages and self-employment income […]
Business Automobiles: How the Tax Depreciation Rules Work By: David M. Reape Do you use an automobile in your trade or business? If so, you may question how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply […]
How IRS Auditors Learn About Your Business Industry By: David M. Reape Ever wonder how IRS examiners know about different industries so they can audit various businesses? They generally do research about specific industries and issues on tax returns by using IRS […]
What Types of Expenses Can’t Be Written Off by Your Business? By: David M. Reape If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. For example, the tax […]
2023 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers By: David M. Reape Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may […]
It’s Important to Understand How Taxes Factor into an M&A Transaction By: David M. Reape In recent years, merger and acquisition activity has been strong in many industries. If your business is considering merging with or acquiring another business, it’s important to understand how the […]
Sept. 15 Estimated Tax Payment Deadline The Internal Revenue Service issued a press release reminding taxpayers who pay estimated taxes that the third quarter payment deadline is September 15, 2023. Taxpayers who are not required to […]
Update on Depreciating Business Assets By: David M. Reape The Tax Cuts and Jobs Act liberalized the rules for depreciating business assets. However, the amounts change every year due to inflation adjustments. And due to high inflation, the adjustments […]