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 restrictive. First of all, to qualify, your spouse must be your employee. This means you can’t deduct the […]
Entrepreneurs and Taxes: How Expenses are Claimed on Tax Returns
It is difficult to determine which expenses are claimed on tax returns. While some businesses have closed since the start of the COVID-19 crisis, many new ventures have launched. Entrepreneurs have cited a number of reasons why they decided to start a business in the midst of a pandemic. For example, they had more time, […]
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 Security Tax The amount of an employee’s earnings that are subject to Social Security tax is capped for 2022 at […]
Businesses with Employees Who Receive Tips may be Eligible for a Tax Credit
If you’re an employer with a business where tipping is customary for providing food and beverages, you may qualify for a federal tax credit involving the Social Security and Medicaid (FICA) taxes that you pay on your employees’ tip income. Basics of the Credit The FICA credit applies with respect to tips that your employees […]
Will the Standard Business Mileage Rate Go Up in 2022? Yes!
After two years of no increases, the optional standard business mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2022 by 2.5 cents per mile. The IRS recently announced that the cents-per-mile rate for the business use of a car, van, pickup, or panel truck […]
There Still May be Time for Your Small Business to Cut 2021 Taxes
Don’t let the holiday rush keep your small business from considering some important steps to reduce your 2021 tax liability. You still have time to execute a few strategies. Purchase Assets Thinking about buying new or used equipment, machinery, or office equipment in the new year? First, you must buy them and place them in […]
Businesses Can Show Appreciation — and Gain Tax Breaks — with Holiday Gifts and Parties
With Thanksgiving just around the corner, the holiday season will soon be here. This time of year, your business may want to show its gratitude to employees and customers. Giving them gifts or hosting holiday parties after a year of forgoing them due to the pandemic can show them this gratitude. It’s a good time […]
Get Your Piece of the Depreciation Pie Now With a Cost Segregation Study
Has your business experienced depreciation? Is your business depreciating over a 30-year period the entire cost of constructing the building that houses your operation? If so, you should consider a cost segregation study. It might allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow. Under current law, the […]
New Per Diem Business Travel Rates Became Effective on October 1
Are employees at your business traveling again after months of virtual meetings? In Notice 2021-52, the IRS announced the fiscal 2022 “per diem” rates that became effective October 1, 2021. Taxpayers can use these rates to substantiate the amount of expenses for lodging, meals, and incidental expenses when traveling away from home. (Taxpayers in the transportation […]
2021 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers
Here are some of the key Q4 tax-related deadlines affecting businesses and other employers during the fourth quarter of 2021. To clarify, keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. In addition, contact us to ensure you’re meeting all applicable deadlines and to learn more […]
