Who You Gonna Call? Mize(busters)! ‘Tis the season for ghouls, goblins, and spooks! But not all scary situations involve a ghostly presence. If you find yourself in one of these frightening circumstances, give us a call: You’ve Got Mail –…
You and your small business are likely to incur a variety of local transportation costs each year. There are various tax implications for these expenses. First, what is “local transportation?” It refers to travel in which you aren’t away from…
The Affordable Care Act (ACA) requires certain employers to report health insurance coverage provided to their employees. This reporting is for informational purposes only and does not mean that the employee will be taxed on the value of employer-provided insurance.…
Why do so many businesses choose a Limited Liability Corporation (LLC) as their entity structure? An LLC can provide the advantages of a corporation while being taxed as a flow through entity, all while providing personal liability protection for its…
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…