Small businesses: Stay clear of a severe payroll tax penalty

by KLPCPA | Nov 11, 2019 | Small Business, Taxes

Call Now Setup an Appointment One of the most laborious tasks for small businesses is managing payroll. But it’s critical that you not only withhold the right amount of taxes from employees’ paychecks but also that you pay them over to the federal government on time....

The chances of an IRS audit are low, but business owners should be prepared

by KLPCPA | Sep 30, 2019 | IRS, Small Business

Call Now Setup an Appointment Many business owners ask: How can I avoid an IRS audit? The good news is that the odds against being audited are in your favor. In fiscal year 2018, the IRS audited approximately 0.6% of individuals. Businesses, large corporations, and...

Should you elect S corporation status?

by KLPCPA | Aug 19, 2019 | Small Business, Taxes

Call Now Setup an Appointment Operating a business as an S corporation may provide many advantages, including limited liability for owners and no double taxation (at least at the federal level). Self-employed people may also be able to lower their exposure to Social...

Take a closer look at the home office deduction

by KLPCPA | Jul 29, 2019 | Small Business, Taxes

Call Now Setup an Appointment Working from home has its perks. Not only can you skip the commute, but you also might be eligible to deduct home office expenses on your tax return. Deductions for these expenses can save you a bundle if you meet the tax law...

Tax-smart domestic travel: Combining business with pleasure

by KLPCPA | May 30, 2019 | Small Business, Taxes

Call Now Setup an Appointment Summer is just around the corner, so you might be thinking about getting some vacation time. If you’re self-employed or a business owner, you have a golden opportunity to combine a business trip with a few extra days of vacation and...

Consider a Roth 401(k) plan — and make sure employees use it

by KLPCPA | May 13, 2019 | Retirement, Small Business

Call Now Setup an Appointment Roth 401(k) accounts have been around for 13 years now. Studies show that more employers are offering them each year. A recent study by the Plan Sponsor Council of America (PSCA) found that Roth 401(k)s are now available at 70% of...