Even though pretty much every business has a website, the costs of developing and managing a website aren’t specifically addressed in the tax code. But since those costs are business expenses, we can use those rules to determine what’s deductible.…
Have you thought about claiming the research tax credit for your small business? If you earn any research tax credits during the year, you can elect to apply them against your payroll taxes rather than your income tax. This tax…
It’s hard to keep track of all the 1099 series of forms. From 1099-MISC, which reports “miscellaneous” payments (as you might guess from the name); to 1099-NEC, which reports non-employee compensation (again, the name gives a hint!); now to 1099-K,…
The next quarterly estimated tax payment deadline is June 15 for individuals and businesses so it’s a good time to review the rules for computing corporate federal estimated payments. You want your business to pay the minimum amount of estimated taxes…
Anytime you dispose of business property, there’s a tax consequence based on the gain or loss from the transaction. The first step is to calculate the adjusted basis of the property to establish its value. Sometimes basis is equal to…
Your small business may be considering a conversion from its C Corporation entity structure to become an S Corporation. There are many tax benefits to making an S Corp election, but there are also some tax pitfalls to be aware…
For 2021 and 2022, your Uncle Sam has increased the tax deduction for business meals from 50% to 100% for food and beverages provided by a restaurant – including the tip, sales tax, and any delivery fees. This win-win for…
The Kansas legislature has passed the Attracting Powerful Economic Expansion Act (APEX) which takes effect July 1, 2022. APEX provides for a variety of tax incentives to qualified firms that agree to invest at least $1 billion in Kansas within…
As April 15 creeps closer and closer, your accountant may tell you that your tax return is going to be extended. Extending your return provides an additional six months to complete your return, with a new due date of October…
If you’re self-employed and travel for business, your spouse might travel with you. Are their travel expenses tax deductible? The short answer? Probably not, unless your spouse is an employee of your company. If that’s the case, their travel costs…
