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...

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...

How business owners may be able to reduce tax by using an S corporation

by KLPCPA | Feb 20, 2020 | Small Business, Taxes

Call Now Setup an Appointment Do you conduct your business as a sole proprietorship or as a wholly-owned limited liability company (LLC)? If so, you’re subject to both income tax and self-employment tax. There may be a way to cut your tax bill by using an S...

Do you want to go into business for yourself?

by KLPCPA | Feb 12, 2020 | Small Business, Taxes

Call Now Setup an Appointment Many people who launch small businesses start out as sole proprietors. Here are nine tax rules and considerations involved in operating as that entity. You may qualify for the pass-through deduction. To the extent your business generates...

New law provides a variety of tax breaks to businesses and employers

by KLPCPA | Jan 6, 2020 | Small Business, Taxes

Call Now Setup an Appointment While you were celebrating the holidays, you may not have noticed that Congress passed a law with a grab bag of provisions that provide tax relief to businesses and employers. The “Further Consolidated Appropriations Act, 2020” was signed...