Holiday parties and gifts can help show your appreciation and provide tax breaks

by KLPCPA | Dec 2, 2019 | Small Business, Taxes

Call Now Setup an Appointment With Thanksgiving behind us, the holiday season is in full swing. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s a good idea to...

2 valuable year-end tax-saving tools for your business

by KLPCPA | Nov 27, 2019 | Small Business, Taxes

Call Now Setup an Appointment At this time of year, many business owners ask if there’s anything they can do to save tax for the year. Under current tax law, there are two valuable depreciation-related tax breaks that may help your business reduce its 2019 tax...

Small businesses: Get ready for your 1099-MISC reporting requirements

by KLPCPA | Nov 18, 2019 | Small Business, Taxes

Call Now Setup an Appointment A month after the new year begins, your business may be required to comply with rules to report amounts paid to independent contractors, vendors, and others. You may have to send 1099-MISC forms to those whom you pay nonemployee...

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....

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...