Business Tax Provisions: The Year in Review

Here's what business owners need to know about tax changes for 2019. Standard Mileage Rates The standard mileage rate in 2019 is 58 cents per business mile driven. Health Care Tax Credit for Small Businesses Small business employers who pay at least half the premiums for single health insurance coverage for their employees may [...]

Business Tax Provisions: The Year in Review2019-12-28T21:47:18+00:00

Year-End Tax Planning Strategies for Businesses

A number of end-of-year tax planning strategies are available to business owners that can be used to reduce their tax liability. Here are a few of them: Deferring Income Businesses using the cash method of accounting can defer income into 2020 by delaying end-of-year invoices, so payment is not received until 2020. Businesses using [...]

Year-End Tax Planning Strategies for Businesses2019-12-28T21:37:49+00:00

Rental Real Estate Qualifies as a Business

A safe harbor is now available for taxpayers seeking to claim the section 199A deduction with respect to a "rental real estate enterprise." What this means is that certain interests in rental real estate - including interests in mixed-use property - are allowed to be treated as a trade or business for purposes of [...]

Rental Real Estate Qualifies as a Business2019-12-28T21:34:21+00:00

Be Prepared When Natural Disasters Strike

While September and October are prime time for Atlantic hurricanes, natural disasters of any kind can strike at any time. As such, it's a good idea for taxpayers to think about - and plan ahead for - what they can do to be prepared. Here are four tips to help taxpayers be prepared: 1. [...]

Be Prepared When Natural Disasters Strike2019-12-28T21:31:48+00:00

Tax Advantages of S-Corporations

As a small business owner, figuring out which form of business structure to use when you started was one of the most important decisions you had to make; however, it's always a good idea to periodically revisit that decision as your business grows. For example, as a sole proprietor, you must pay a self-employment [...]

Tax Advantages of S-Corporations2019-12-28T21:25:19+00:00

5 Tips for Applying for Tax-Exempt Status

If you're thinking about starting a nonprofit and want to apply for tax-exempt status under Section 501(c)(3) of the tax code, you'll need to use Form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code. Here are five tips to ensure a successful application: 1. The application must be [...]

5 Tips for Applying for Tax-Exempt Status2019-12-28T21:18:35+00:00

Three Tips for Getting an Accurate Business Valuation

If you're conscientious about financial reporting, you may already have a sense of your company's worth, but in some instances, you might need a formal business valuation, such as: Certain transactions: Are you selling your business? Planning an IPO? Need financing? Tax purposes: This includes estate planning, stock option distribution, and S Corporation conversions. [...]

Three Tips for Getting an Accurate Business Valuation2019-12-28T21:07:19+00:00

Credit Reports: What You Should Know

Creditors keep their evaluation standards secret, making it difficult to know just how to improve your credit rating. Nonetheless, it is still important to understand the factors that determine creditworthiness. Periodically reviewing your credit report can also help you protect your credit rating from fraud--and you from identity theft. Credit Evaluation Factors Many factors [...]

Credit Reports: What You Should Know2019-12-28T21:00:31+00:00

Employers: Backup Withholding Lowered to 24 Percent

Small business owners are reminded that tax reform legislation lowered the backup withholding tax rate to 24 percent. In addition, the withholding rate that usually applies to bonuses and other supplemental wages was also lowered to 22 percent. As such, employers should have their employees check their withholding. Backup withholding. Under the Tax Cuts [...]

Employers: Backup Withholding Lowered to 24 Percent2019-12-28T20:47:57+00:00

Recordkeeping Tips for Small Business Owners

The key to avoiding headaches at tax time is keeping track of your receipts and other records throughout the year. Whether you use an excel spreadsheet, an app, an online system or keep your receipts organized in a folding file organized by month, good record-keeping will help you remember the various transactions you made [...]

Recordkeeping Tips for Small Business Owners2019-12-28T20:46:54+00:00
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