A variety of tax-related limits affecting businesses are annually indexed for inflation, and many have gone up for 2019. Here’s a look at some that may affect you and your business. Deductions Section 179 expensing: Limit: $1.02 million (up from…
The flat 21% federal income tax rate for C corporations under the Tax Cuts and Jobs Act (TCJA) has been great news for these entities and their owners. But some fundamental tax truths for C corporations largely remain the same:…
Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost every year over the depreciation period. (Land isn’t depreciable.) But special tax breaks that allow deductions to be taken…
The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take action to reduce 2018 taxes. Business owners may, therefore, want to shift their focus to…
Tax planning is a juggling act for business owners. You have to keep your eye on your company’s income and expenses and applicable tax breaks (especially if you own a pass-through entity). But you also must look out for your…
Before you decide to pass your restaurant on to your children, make sure you have taken all the steps necessary to make the transfer to the next generation a smooth one. Andrew Spikes, CPA, shares his insight on the transfer…
The Good News: IRS Waiving Penalties The IRS is generally waiving the penalty for any taxpayer who paid at least 85 percent of their total tax liability during the year through federal income tax withholding, quarterly estimated tax payments or…
The IRS is moving at a slow crawl due to the federal government shutdown, but don’t let the situation slow you down in preparing to meet with your tax advisor. “The IRS announced it will begin processing tax returns on…
Update 1/8/19: The IRS has just confirmed that, despite the current government shutdown, it will begin processing 2018 tax returns on January 28, 2019 and will provide refunds to taxpayers as scheduled. As 2019 begins, we are wading into unknown…
As the year winds to a close, most businesses see employees taking a lot of vacation time. After all, it’s the holiday season, and workers want to enjoy it. Some businesses, however, find themselves particularly short-staffed in December because they…