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…
The IRS has released contribution amounts for Health Savings Accounts (HSAs) for the 2023 calendar year. Based on the current rate of inflation, it’s not surprising that these went up substantially. Here’s a comparison to current 2022 contribution levels: 2023…
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…
If your partnership is planning to admit a new partner, there are several financial and legal implications. Here are two issues to consider: If the current partners have an interest in unrealized receivables and substantially appreciated inventory, the allocation of…
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…
When you hear “retirement plan”, many of us think immediately of 401(k) plans, and rightfully so. Since their establishment in the late 1970s, 401(k)s have been offered by companies of all sizes and offer valuable tax benefits for both employers…
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…