Launching a business? How to treat start-up expenses on your tax return

by KLPCPA | Jun 23, 2020 | Small Business, Taxes

Call Now Setup an Appointment While the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch new businesses. For example, some businesses are being launched online to provide products and...

Good records are the key to tax deductions and trouble-free IRS audits

by KLPCPA | Jun 16, 2020 | IRS, Small Business, Taxes

Call Now Setup an Appointment If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full amount of the tax...

The CARES Act liberalizes net operating losses (NIL)

by KLPCPA | May 4, 2020 | Accountants, Small Business, Taxes

Call Now Setup an Appointment The Coronavirus Aid, Relief, and Economic Security (CARES) Act eliminates some of the tax-revenue-generating provisions included in a previous tax law. Here’s a look at how the rules for claiming certain tax losses have been modified to...

Hiring independent contractors? Make sure they’re properly classified

by KLPCPA | Apr 28, 2020 | Small Business

Call Now Setup an Appointment As a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But you should be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies...

Determine a reasonable salary for a corporate business owner

by KLPCPA | Mar 9, 2020 | Small Business, Taxes

Call Now Setup an Appointment If you’re the owner of an incorporated business, you probably know that there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason is simple. A corporation can deduct the salaries...

Do you run your business from home? You might be eligible for home office deductions

by KLPCPA | Feb 24, 2020 | Small Business, Taxes

Call Now Setup an Appointment If you’re self-employed and work out of an office in your home, you may be entitled to home office deductions. However, you must satisfy strict rules. If you qualify, you can deduct the “direct expenses” of the home office. This includes...