Standard Business Mileage Rate Increasing In 2023
Although the national price of gas is a bit lower than it was a year ago, the optional standard mileage rate used to calculate the deductible cost of operating an…
Do You Qualify For The QBI Deduction? Here Are Some Tips On How To Qualify.
If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or the…
Is Your Business Closing? Make Sure You Know Your Tax Responsibilities
Businesses shut down for many reasons. Some of the reasons that businesses shutter their doors: An owner retirement, A lease expiration, Staffing shortages, Partner conflicts, and Increased supply costs. If…
2023 Limits For Businesses That Have HSAs — Or Want To Establish Them
No one needs to remind business owners that the cost of employee health care benefits keeps going up. One way to provide some of these benefits is through an employer-sponsored…
Simple Retirement Savings Options For Your Small Business – Updated for 2022
Are you thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and administrative burdens involved in providing a traditional pension…
Understand the Tax Ramifications of Selling or Trading Business Property
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…
Know the Rules for Business Meals
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…
Good Records Keep Your Business Out of Trouble
To run a successful business, you need to focus on more than just day-to-day operations. It’s also critical to pay attention to all aspects of your business – sales &…
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…
Could Your Business Benefit from a Cost Segregation Study?
Commercial property is generally depreciated over 39 years, and residential rental property over 27.5 years. Real property is more than just the building itself – it also contains plumbing, fixtures,…