Many Tax Limits Affecting Businesses Have Increased For 2023
An array of tax-related limits that affect businesses are indexed annually, and due to high inflation, many have increased more than usual for 2023. Here are some that may be…
Employers Should Be Wary Of ERC Claims That Are Too Good To Be True
The Employee Retention Credit (ERC) was a valuable tax credit that helped employers that kept workers on staff during the height of the COVID-19 pandemic. While the credit is no…
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…
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…
Scary Tax Situations – Who You Gonna Call?
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…
Your Local Transportation Costs May Be Tax Deductible
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?”…
The Ins and Outs of LLCs
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…
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…
Operating a Website: What’s Tax Deductible?
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…