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…
Many entrepreneurs start their businesses as sole proprietors. It’s an easy way to dip your toe in the water of being self-employed, but it’s important to meet your tax obligations. Here are some things to be aware of: Schedule C.…
The uncertainty of the past couple of years have caused many people to rethink their job situation. Some people have decided to quit working for someone else and have launched a new business, even in the midst of a pandemic.…
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…
Business travel has substantially decreased over the past couple of years due to the pandemic, but from time to time, employees still need to travel for work-related reasons. Maybe it’s driving between different employer-owned locations within a workday, or maybe…